It amazes me how many individuals out their be they sellers, Realtors, Attorneys or Investors, that proclaim themselves to be short sale experts. I guess it depends on what criteria one would use to define this. For the most part anyone can submit to the loss mitgation department authorization, sales contract, listing agreement, hardship letter, last two paystubs, last 2 months bank statements, last 2 years of tax returns and w2's, comps, outline of challenges the property has and most importantly an estimated Hud1 or settlement sheet.
I quess its not that hard after all.
Yet Why are so many short sales coming back declined, or the junior and the senior liens can't agree on a settlement amount. Or the Buyer gets cold feet, Or the bank wants an offer that is beyond market value.
Why aren't these working out! I did what the book said, or the lecture / seminar described. I followed all their procedures. It must be just bad luck, or maybe the negoitator was having a bad day.
The truth is the being an expert at negoitating short sales begins well before anything goes to the bank. We look at negotiating a short sale like professional sports teams in a playoff series prepares for the game. To be successful at short sales isn't something you can read in a book or listen to a cd or watch a presenter. Short Sales involve strategy, identifying points of leverage, timing, out of the box thinking, assersion, determination, organization, self confidence, keen eye for detail, and pure enjoyment of the hunt.
Being able to naturally read ones intentions or sense weakness or listening to them on the phone is critcal, and just as importantly being the glue that keeps the buyers side and the sellers side on the same page. The bottom line is that being a successful short sale negotiator isn't for everyone.
But just because you personally might not be cut out for being a shrewd negotiator don't let that weaken your resolve to dive in head first. Like many Realtors who relay this information to us, we are happy to provide them with the assurance that their files will see the light of day, and in more than 90% we get the short sale approved. So become an expert without dying because of it.
George Hantzakos, Founder
Short Sales Corp
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