1% Short Sale Admin Fee by Banks
I have been doing short sales for about 3 years now, but this is the first time I have recieved from a bank a short sale fee of 1% of the selling price payable by the buyer. Has anyone else seen this? Is anyone aware of a way around this fee? Seems like banks are really scraping the bottom here by charging the buyers. I'm really upset about this.
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We closed one with AHSMI a month ago. The approval letter had a section saying that......"If a short sale administration fee is applicable then the lesser of $5000 or 1% of the total sales price must be paid at or prior to closing." They checked a box saying this was not applicable, but checked another that it was applicable in the amount of $1100. (More than 1%). We just paid it. There was a good spread, and it wasn't worth the time to argue about it.