Short Sale Non-refundable Fee - Posted by Bob K

Posted by Mark (wv) on April 24, 2006 at 21:19:38:

Just closed Friday on a deal 10k down non-refundable deposit, ow/financed it on 9years @ 780 per at7% (don’t tell them, that’s one i gave 5k for 2 years ago )

Short Sale Non-refundable Fee - Posted by Bob K

Posted by Bob K on April 24, 2006 at 17:06:08:

Hey All,
I just recieved a s.s. package from Aames Home Loan Loss Mit. dept.
They require A 300.00 Non-refundable processing fee. Has anyone paid this type of fee when submitting your package back?
First time I’ve dealt with these people.
Thanks for any response!

Bob K

thats funny… - Posted by lukeNC

Posted by lukeNC on April 24, 2006 at 17:33:19:

I had countrywide do that once. Too many other lenders will process the short sale without charging any fee.

There’s no way I’ll pay a processing fee for them to accept my offer. no way.

Unless you want to pay them, I’d move on.

Re: thats funny… - Posted by Bob K

Posted by Bob K on April 24, 2006 at 18:19:02:

I Just got off the phone with Loss Mit.
Explained to them that I was going to work hard to get this loan off their books and I didn’t think I should have to pay them to try to do that.

The agent said not to worry about the 300.00 fee, just submit all the other info they requested.

Pays to ask questions I guess…

Bob K

Re: thats funny… - Posted by Bob K

Posted by Bob K on April 24, 2006 at 18:02:13:

This just reminded me of a fsbo property I turned down because the guy wanted “non-refundable earnest money”!

I don’t think I want to pay for the “chance” of picking up a property.

Bob K

Re: thats funny… - Posted by esligh

Posted by esligh on April 24, 2006 at 18:06:14:

I had a moronic FSBO want 20-25K in “non-refundable earnest money” for a lease purchase deal. I laughed and said, “thanks, but no thanks”!

Re: thats funny… - Posted by Stan

Posted by Stan on April 28, 2006 at 08:55:04:

I pay earnest money all the time. If you buy the property the owner gets the money anyway. I have no problem paying the person earnest money after we agree to the terms of the deal. At that point in time I already know if I am going to purchase th eproperty any way. Earnest money should not be a problem. Matter of fact, I am paying $7,500 earnest money today on a collection of houses. Now where earnest money can be a problem are for those that get all these houses under contract with no intention of closing on them.

Re: thats funny… - Posted by Joe Kaiser

Posted by Joe Kaiser on April 24, 2006 at 20:52:50:

How is that moronic?

My brother in law got a guy to pony up $50k in non-refundable earnest
money on an office building he was selling. I told him he was my idol.

And yes, the deal closed.

Joe

Re: thats funny… - Posted by esligh

Posted by esligh on April 24, 2006 at 23:11:07:

I’m just saying that it wasn’t a deal and I wouldn’t pay that price for that house. I can understand why they are trying to get it but it was not a deal. The house was over market value and needed at least 10-15K in upgrades. Not going to sell a house that way in my opinion.