Short Sale Report - American Home Mortgage
Short Sale Report
| Avg. Days NOD to NTS | Avg. Days NTS to Auction | Total Avg. Days in Foreclosure | Commissions | Comments |
| 171 | 62 | 233 | tbd | 15 |
A new angle. We hear that American Home Mortgage has implemented a short sale administration fee of 1% of the purchase price that is charged to the buyers for processing the short sale. The fee is over and above the amount of the total sales price. So, it likely goes to the servicer, and not the investor. The problem is that it probably can’t be financed, and it is probably not an allowable buyer expense on an FHA financed transaction.
Communication is inconsistent. Sometimes it will be good and other times it will be poor. Make sure you read your approvals carefully. We have heard that they have added a $5,000 closing cost fee to the approval that was not mentioned on any previous documents.
They also now handle the Option One portfolio.
You can find them by going to www.ahmsi3.com or you can call their home retention team at 877-304-3100
Contact Info: Loss Mit Dept
Phone:(800) 648-9605 or
(888) 275-2648 or 877-304-3100
Fax: (949) 790-8545
https://www.ahmsi3.com/servicing/BAT_solutions.asp (direct link to required docs and checklists)
Comments
You are right on the mark with AHM. There is also the struggle to get information to the right party or to have your packages acknowledged timely. Seems they had two operating centers (one possibly out of the country). Need to make sure followup on our end is consistent and timely. No excuse for not following up with AHM, they will simply put the file on hold again. Current negotiator has also decreased commission by 1% because both agents work for same broker. Seems to be their way of recouping as much as they can for their loss. Negotiator says it's because we are part of the same owner so we have to both take a cut. Very very unreasonable to work with from an agent standpoint.
Helena, you seem to be venturing into an arena that most agents I have talked to seem to not want to go to and as you stated for good reasons. Where is your market and will you continue to pursue the short sale transaction in the future. I am an investor with and Interest in this type of transaction in the high end luxury home in the Silicon Valley area. I would like to hear more of your comments in regards to this subject and your experiences. Thank you! Andre Rodriguez
I just ran into this with this bank. I am extremely frustrated since this was not disclosed to me when I listed this short sale for sale therefore I wasn't able to tell the buyer's agent until late in the process. I also cannot get a clear answer on what the commission is. This is a terrible way to do business.
These banks are trying every angle possible to obtain extra funds. My question is, is AHM trying to 86 FHA Buyer's out of short sale transactions. With FHA Guidelines being so tight already, this is going to make it a nightmare. www.Jerodmayer.com/blog
I closed a file with them last month and my experience was a good one. Fortunately they waived the 1% short sale administration fee. So if they believe, even though they don't give you the exact amount, the offer is to their standards it's possible they will waive that short sale adminstration fee of 1%
I'm in the process of negotiating a short sale. An approval addendum was delivered showing a 1% ($2,200) Short Sale Admin. fee to be charged to my buyers. The form itself is for the Sellers to sign. At best, this is unethical. The commission was reduced 1%. The AHM negotiator is out of the office until the 29th. We have experienced everything that has been mentioned above. This doesn't look good for closing at this time.
This is the third short sale with them...The first two during the course of the approved short sale, during escrow, they foreclosed!!!!! Now with this one they are aiming to try the same thing again, only now being CHS, certified for HAFA, I am finding out that they are not following thru on HAFA policies!! You see they received help and are part of the banks that agreed to HAMP and HAFA, but in fact aren't doing it. My client was denied a HAMP which was then sent to a HAFA for the short sale...Do you think they wanted to obilge by the guidelines NO! when I stated about offering my client the $3000.00 relocation funds, NOTHING! Now with an offer that the previous Loss Mitagtor indicated was was the bank/Investors would accept...I now am not getting any return phone calls or answers..I have had this offer in for over 5 weeks and foreclosure date looms on 1/18/2011!! Can anyone tell me who governs these banks??? I have even escalated to the CEO with no response... THEY NEED TO BE STOPPED! Please let me know if anyone has any information with regards to the governing agencies for banks that got money!!!!
The article you posted about mortaging is interesting.
Sahara
tryvod.com
Great info!
I found your web page on google and it seems to have what I've been looking for. Here's another source that worth a look about this also. Thanks for sharing!
Patricia
Breaking News
www.techblog.ws
Seems banks want to add a fee onto everything nowadays. The banks always win and it's the little guys and personal investors who have to pay the higher fees always. Like the bank bailout wasn't enough now they want even more money.
Ron
I got an approval in about 25 days and the transaction generally went smoothly. They did charge the buyer with a 1% short sale administration fee and they said it would be removed if the buyer was doing FHA financing. Since the buyer was not and was doing conventional, we got lucky the buyer was willing to pay the fee, otherwise we might have lost the buyer because of this. They also cut the Realtor commission down from 6% to 5%.
Had a good negotiator who was easy to communicate with. They postponed the trustee sale a couple of times, once while the offer was being considered and again after short sale approval when we were in escrow.
Has anyone dealth with American Home Mortgage as a 1st TD and a WaMu/Chase 2nd? How did that workout?
Thanks
George Fotion
http://www.homeispalosverdes.com
AHMSI is very good to work with. They "receive" the files when faxed to them. They process the file quickly. And there is a sense of understanding when you discuss things with them. I found a great Q&A short sale site that discusses this and other short sale issues at http://www.ShortSaleOpedia.com. Thanks.
Terrible company to deal with. Huge turn over forced the file to move from one negotiator to another. Each time we were forced to resubmit the entire package and wait for them to reassign which took over a week. Even with that I had to call and beg customer service to send emails to the supervisor to get the file assigned. After we finally received an approval letter we needed an additional 10 days to close and they would not give us a revised letter. Had to start from scratch....again! By the time they reviewed the file which was over 2 weeks the sale date was within 48 hours and they would not stop the foreclosure. Here's the kicker........they were short less than $5K. I begged and pleaded with the acct. rep and her supervisor but they would rather foreclose on the property than get paid. Go figure.
Got a little behind so started a repayment plan with them. My second payment was made 2 days before the due date, through Western Union Quick Collect. AHMSI claimed it wasn't received until 6 days later. I called Western Union, who told me that AHMSI received the payment the day I made it, but due to a "technical error", they re-did the Western Union payment to show that it was 4 days after the due date. Sounds like fraud to me. Currently waiting to hear back from them, but I'm not very hopeful that they'll do the right thing.
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