Saturday, July 16, 2011
Bank accepted short sale (after almost 1 year), Attorney raising negotiation fee.?
This may get a little confusing... I have a signed agreement with an attorney that clearly states the attorney fee "will be paid from the HUD 1 Settlement statement upon closing". The fee on the Hud 1 is $650, the attorney originally asked for almost $3k. The bank accepted the short sale with the $650 fee on the Hud 1 and I received an amendment to the original agreement with the attorney which now states "the seller is obligated to pay a flat fee of $3k", "purchaser agrees to pay difference between engagement letter amounts ($650) and the amount lender is authorizing." which is $650. This almost seems like they are trying to get both buyer and seller to pay. Can the attorney now ask me to pay since they did not do their job properly and negotiate their own fee high enough? What happens if I don't sign, can I still follow through with agreement? Keep in mind I noted it's almost been one year. I now have until 7/25/2011 to close and the agreement was originally signed on 6/30/2010 expires after 1 year!
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