Posted by Mark Washburn on Friday, December 18, 2009 at 8:00:18 AM By Mark Washburn / December 18, 2009 Comment
The St. Petersburg Times reports that the bottom feeding foreclosure workout firms will face significantly more scrutiny in Florida. These workout specialists promise miracles, typically charge a desperate homeowner a large upfront fee and then don't do anything to help save the home from foreclosure. Here locally, there are firms operating in under the guises of saving a homeowner from foreclosure. A common strategy of theses firms is to charge the homeowner a fee to list the home as a short sale. These firms also look for a payment from the buyer at closing. Typically language such as "A $2500 fee will be requested from buyer by third party at closing, so please adjust your offer accordingly" will be included in the MLS listing. This third party fee is going into the coffers of the workout firm, rather than the lender who is taking the hit on the short sale. The bottom line is that a homeowner facing foreclosure should never have to pay an upfront fee to list their Fort Myers short sale home.
Post a Comment
To post a comment about this blog entry, click here.