I am negotiating this short sale and now have a buyer can I put a fee on the Hud. I heard some ppl that will submit a lien or say cleared title on the Hud and have the amount of the fee. Have any ideas guys?
Are you the real estate agent or just someone processing the short sale for agents?
Thanks for the response. Im processing the negotiations
The way our company is paid, is a percentage of commissions upon closing. It has been my experience that most banks will not approve a negotiators fee on the HUD, but it can be done, I’ve seen it. To generalize we charge 1% of the purchase price when the short sale closes we get paid through escrow. The 1% can be split by the agents or one agent can take it upon themselves, either way each transaction has a contract that the agents and company signs to finalize the agreement.
It has worked well because we only get paid if the short sale closes, so you can be sure you have a team that knows what they are doing and you have a team that will fight to close the transaction or we wouldn’t make a dime.
There are probably a million ways to get paid, this is one way.
Be careful what state you are in! FL, CA among others have passed new laws. You have to be a licensed mortgage broker in order to be paid for a negotiating fee from the HUD.