2nd Loan on a Short Sale is negotiating commissions


#1

Has anybody had a 2nd loan on a short sale negotiate commissions? I have a transaction that the 2nd is telling us to cut our commission to 2% and remove $3,750 towards buyers closing costs that the 1st loan already agreed to pay! Any advice?
Thanks.


#2

I can help with a comment if I know if the second is a loan that was part of the purchase. example: 80/20 loans for purchase of the borrowers primary residential home.


#3

That happened on one of my short sales with WaMu. They got what they wanted. The worst part was that even after they got 25% of the outstanding debt, they would only release the lien, not the deficiency. I avoid short sales with a WaMu second. Good luck!!


#4

Unfortunately, many lenders (2nd) are now negotiating commissions to 5% total. What is the particular bank you are dealing with and what are the circumstances: purchase money, cash out refi…?


#5

“Short Sales”,I call them “shorties” Just like the little man with a chip on his sholder.last year I listed and sold a number of "shorties"Chase has become the little bully of the yard.They lose files,tell you to just drop it,and are basicly the “Deal Killer” I avoid them like the plague they are.