3rd Federal Wants $250

I don't have any experience with 3rd Federal but generally lenders just order a BPO which they pay 50-75 for not 250! They aren't going to spend a penny more than they have to on a property that they are already losing money on. One solution to having to wade through the complications of short sales is to outsource them to a company that will take your files and do all the submissions and negotiations for you. You still get your commissions, the homeowner pays nothing and you don't have to deal with this kind of stuff.

Many lenders do order a full fledged appraisal, and actually 250.00 is cheaper than what most buyers are now paying for their appraisals. Downey was (before they were taken over now I'm not sure what they do) that would not even consider a short sale unless the check for appraisal was sent in with the short sale package.

I mostly have a hard time with the "poor seller" idea unless of course they are completely unemployed.. many short sale sellers I've had, still do work and HAVE NOT BEEN paying their mortgage for months so I'm not as sympathetic when they say they can't afford 250.00 for something. Usually in my case it is my insistence they see an attorney or CPA. A working seller who hasn't paid mortgage in months, imo, certainly can pay 250.00 to help get themselves out of it if their lender requires that.

Downy was and I belive is $350 upfront

Up until now I have not run into this -- However --

Here is something to think about - We are not allowed to contact the appraiser, to speak to the appraiser, etc. SO -- if we are paying for the appraisal don't we own that appraisal - and shouldn't we be able to order the appraisal and discuss it with the appraiser? Just wondering.

These lenders are never in Contract. Always out of the timeline. Refuse to respond for months. Do not communicate properly. And they are running OUR BUSINESS. They say jump and we jump. They say you do the work and we won't pay you. HAHA

Now they want us to pay for an appraisal to. REO agents are paying for utilities, etc. Is there no end to this??

AS an association NAR should be able to change something.

The homeowner should pay for the appraisal they are the ones getting the benifit from the short sale. More and more the banks are asking for a contribution form the borrower. They need to be prepared for the fact it may cost them some money for the privalage of being able to complete a short sale. I get them prepared for that in the listing presentation, if they do not end up having to pay anything then i am the hero. I tell them they should be saving the money they would be paying for rent and or mortgage so they will have some money set aside if need be. After all most of the borrowers are living for free while we go through the process.

Quoting Catherine Myers:

Many lenders do order a full fledged appraisal, and actually 250.00 is cheaper than what most buyers are now paying for their appraisals. Downey was (before they were taken over now I'm not sure what they do) that would not even consider a short sale unless the check for appraisal was sent in with the short sale package.

I mostly have a hard time with the "poor seller" idea unless of course they are completely unemployed.. many short sale sellers I've had, still do work and HAVE NOT BEEN paying their mortgage for months so I'm not as sympathetic when they say they can't afford 250.00 for something. Usually in my case it is my insistence they see an attorney or CPA. A working seller who hasn't paid mortgage in months, imo, certainly can pay 250.00 to help get themselves out of it if their lender requires that.

Thanks, Catherine!

Jennie Blackburn

www.StopFloridaForeclosureNow.com