If you’re in a hospital operating room watching the surgeon perform an operation, are you going to interrupt him every few minutes to tell him what you think he should do? Hopefully you wouldn’t. You are doing the same thing if you stop your short sale negotiators by interjecting your opinion while they are doing their job negotiating an arrangement with the bank. All of your questions and opinions need to come out before you walk in to make the deal. When at the lending office you need to present a united front and project a sense of conviction if you’re going to be successful.
Information on short sales can be found online or at the library if you want to read up on how they work, but knowing how to negotiate one only comes from experience. When you hire someone to do that job for you, like a realtor for instance, you need to let that person do his or her job. If you’re not confident in allowing the professional to do that then you have hired the wrong person. Take advantage of the experience that is at your disposal and you’ll find you get a much better deal.
A short sale is not like taking out a second mortgage. You are asking a lending institution to forgive a certain amount of your debt so you can sell a property for less than what you owe on it. This is an unnatural act for a banker or mortgage broker. They are used to lending money and getting significantly more back than what they gave out. Settling for less is something that only the current economic climate allows them to justify.
Keeping that difficulty in mind, think about the position that the bank is in. They want to get something back but they want to make sure there are some guarantees in place that will happen. A short sale expert realtor can not only handle all the arrangements, but can make sure that the house is sold in a timely manner so the bank can get their money before another payment would be due on the property. Realtors have buyers lined up to purchase undervalued property. You do not. Let your short sale expert do the job you hire them for and you’ll benefit from the relief of watching your debt go away.
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