What did that mistake cost you?

Thanks for this tip, you just saved us thousands…though on behalf of your loss .

We are assigning a shortsale to someone far far away and finding a way to working our assignment fee as a loss mitigation and, to prevent any conflict, working in a way for the realtor who will move the property for us ethically. We were not sure how to list it on the HUD1…but now we know what NOT to list it as.

We’ll post once we figure it out and see how it goes.

I haven’t figure it out who you are working with Darren…(wink wink). Since it’s all behind asset protection corporations, land trusts, assignment of beneficiary, and much much more that we learned from Cory’s system.

This did just save us thousands!

Cory,

Ok, so if you submit the fee as a loss mitigation fee and are asked specifically what that means, would the following likely qualify: consulting with the Realtor to determine a realistic price, arranging for BPO/Appraisal, Negotiation with Lender for short sale approval on behalf of seller. And if this is ok who is it different from a fee identified as a “short sale fee”. If these are not acceptable services, what would qualify for a loss mitigation fee.

I have always listed my fees under my personal name and company name. When I am questioned, I will usually say that the personal name collects a fee for mitigating, consulting, setting up the sale, paperwork, market price analysis etc. When questioned about the company name, I inform the lender that the company is the buyer’s network and also the caretaker network so that the property is not empty. How I list my fees is determined by the type of sale. If agent or agents are involved, my fees are much lower and sometimes I’ll negotiate them to push a sale through to closing. Most of my short sale transactions are done without agents involved. On those, I pull 6-8%. I always request much more so I have negotiating room and still get what I want.