I am attempting a shortsale with downey savings and loan and they are requiring the seller to pay up front in the form a certified check of $375 for the appraisal when the full shortsale packet is submitted.
Has anyone else run into this? Is there any good way around this? Has anyone tried just submitting an offer with out it?
Andy
This is the first I’ve heard of this. But it makes sense. Think of how much money lenders spend on short sale appraisals that never go through. I’m not surprised a bit that they are trying to off set their costs and at the same time weed out less confident negotiators. I won’t be surprised a bit if we start seeing a lot more of this from other lenders as well.
This of course will only result in the homeowner being forced to pay the fee almost every time. I don’t think there are very many negotiators out there who are confident enough in their own skills to pay the fee themselves.