Negotiating with a Lender for a Short Sale.
Your day started out great. Business as usual! But then you get that phone call! The closing you've been working on for so long just fell apart. You go to the office and clients begin to call you asking why their house is not selling. The day just continues to get worse. By the end of your day, you need a drink or a psychiatrist.
This is pretty much EVERY day for a Loss Mitigation Negotiator at a lenders office. Overwhelmed, tired, and hit with so many things at once that you just want to scream!
The only euphoria a Loss Mitigation Negotiator has is when a Short Sale application comes across their desk that is complete and comprehensive. When the package is all there, it makes their job so much easier, and you get more attention than the ones that are not.
Some agents/investors either do not know how, or do not want to complete the package. There is no doubt that it's a ton of work to get it right! But, in the long run it pays off.
Agents in South Jersey have either seen my name, or know who I am. Because of this, I get many calls asking for assistance in the short sale process. The nightmares I hear are simply unreal. Six to eight months working on one short sale! No wonder why agents hate short sales so much! How do you keep the buyer on hold that long?
I am not here to judge another agents work, nor would I, but I get the feeling this is the normal with quite a few agents out there. This does NOT have to be this way. I complete about 20 short sale transactions per month. Most take about six weeks, but some have taken as little as one week. When I list the property, my team kicks into overdrive collecting data from the client, market data of the area, selling conditions for the county, and anything else we can find that will help us in the process.
When we submit our package to the lender, it normally looks like a novel. We provide everything from newspaper clippings, to graphs and charts of the area. It's so important for the lender to understand everything about the transaction for them to make an educated decision about the sale.
I even initiated with my clients a full home inspection for properties that are ten years or older. Yes, I pay for this inspection myself, but I like to provide the lender a full conditional overview of the subject property from a licensed inspector. They love this!
Negotiating with a lender for a short sale is easy if you have the knowledge and the tools you need on your side. Providing the lender with as much information to prove your case is paramount! Remember folks, it's called negotiating!
Best of luck, and I hope this helps you!
Frank Wible
Realtor, Loss Mitigation Supervisor
http://www.shortsalenj.com/
BLOG/GROUP: http://activerain.com/groups/foreclosedata
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