On short sales I’ve been paid a Loss Mit. fee from lenders but do they pay a fee for Reinstatement, Forbearance, Repayment plan Loan Modification, or partial claims??
If so how much??
I’ve been getting in between 2-3 % LM fee from short sales. Should I be getting more? What will they pay?? I’ve tried for 5% before and was shot down but I’m curious if they will pay it and I need to play hard ball and threaten ruining the deal unless I get my fee.
All my deals there’s a listing agent and then I bring the end buyer but have a friend who’s a realtor act as their agent and he splits his commission on the deal with me. So with the bank paying out 5-6% to realtors and 2-3 LM to me do you think I can get more. I sell all the properties to highest bidder in a round robin auction. I’m bringing the banks retail buyers at what the markets willing togo at the molment.
Hopefully someone will have some imput for me.
Typically lenders won’t pay you for reinstatment, forebearance or loan modification. I have seen loss mitigation specialists charge the homeowner for that service, but usually in the range of $1000-$1500. The hard part about that is you’re trying to get a fee from someone who is behind on payments, not the best strategy in my opinion.
The fact that you get 2-3% without being a realtor is good and I don’t think you can expect much more. I would be careful about an agent splitting their commision. Unless you are licensed that is not legal and that agent could get in trouble with their broker or the state real estate commission.
If there was not a realtor involved you could use a simultaneous close and take a much bigger profit.
Are their issues with the end buyers lender funding a assignment fee contract?
In regars to realtor spliting commission. My company bills the realtor for consultation fee. He works with a broker that pays him 100% of his commissions and he has a monthlty desk fee.
Thanks for the fead back so far!!