Recently my Buyer clients had an offer accepted on a short sale. The attorney facilitator is charging a 1.5% fee to the Buyer. I have seen many short sales and worked with many negotiators/facilitators and I was very surprised by the high fee. An extra $7,500 feels a bit steep. My clients are thrilled to have the home, but that is quite an addition to the costs at closing.
But now that banks are streamlining their short sale processes I really wonder how long those high fees will last? Will a third-party facilitator be needed by a savvy agent?
From Inman News
Bank of America says it’s making changes to its short-sale procedures that will shorten decision times on short sale offers to 20 days, down from 45 days or longer.
The new task flow in Bank of America’s short-sale management platform, Equator, will enable short-sale specialists to conduct tasks like document collection, valuations and underwriting simultaneously.
Bank of America Streamlines Short Sale Process (March 2012)
The new Bank of America short sale process will enable short sale specialists to complete tasks such as document collection, valuations and underwriting at the same time, reducing the time from initiation to closing.