Okay how many of you have sat on hold with a lender trying to represent your client to the best of your ability to get a short sale approved only to have the representative come back and give you the same message that you received the week before? Or worse yet, you may get the dreaded dial tone due to being disconnected?
This has happened to me more times than I care to share. So much so that I got to the point of not taking on any ‘short sale’ business. But once I got over my self-inflicted pity party, I knew that I would have to get back into the game. Especially since I’m operating my business in the Metro Detroit area and short sales will be ‘en vogue’ for the next 3-5 years.
I was not sure how to crack the code to the short sale business so I dug into my 12 year history of being a real estate professional and remembered what my mentors used to tell me to ask myself. If what I was doing was ‘productive’? And their idea of being productive was ‘are you making money!’ And if I wasn’t find someone else to do the work, but keep yourself in the loop to be compensated. Best of all it will allow you to do what you got in the business to do. Prospect – Get Clients – Close Business.
So I challenge all realtors to ask themselves the same question. I know realtors are my competition, but seriously people we have to work together and move some real estate if this economy is going to turn around. And trust me banks are happier when they have more money to lend.
As for 3rd party people or companies to consider to negotiate on your behalf. I would recommend a local title company (some are doing the negotiations for a small fee), of course they will expect the title business. And an even better resource would be to seek out a local investor who specializes in short sales. The investor will do all the leg work and will also provide a buffer between you and your client. And trust me with all the emotions flying around that is a great thing to have in place.
As for me in Michigan I’ve got a great investor who does all my short sale negotiations and it allows me to take care of my regular business and know that my deal is in good hands. If you would like to see a bit of what I’m talking about in Michigan feel free to check out this free webinar www.greatlakesshortsales.com/sferguson
Have a great week and keep being productive!