Every day I read various posts about short sales, foreclosures, loan modifications etc. There is a perspective that I would like to share as an industry insider. Why am I an insider?? I work with many other attorneys throughout the nation in these areas on behalf of home owners - short sales, loan modifications, deed in lieu, foreclosure defense, etc. However, I am also still listed as a foreclosure attorney for one of the nations largest (and most hated) banks.
The perspective that I would like to share is that PLEASE, PLEASE, have a third party negotiate the short sale, deed in lieu etc. Banks do NOT take negotiations seriously from anyone that has a vested interest in the outcome such as the seller, or seller agent. It is human nature and business 101. It is a completely different persepctive when a third party is handling the negotiation and it presents a more professional approach and indicates to the bank that you are doing everything possible to consummate the sale.
Also, please realize that there are literally THOUSANDS of lawsuits in Orange and L.A. counties alone against listing agents that unsuccessfully negotiated short sales..even though it was probably not their fault. Errors and omissions policies probably will NOT provide coverage for this and certainly in the future they will limit what little coverage there is now.
I know that this will be unpopular to some (many) but it is accurate..take it from me...a foreclosure attorney for one of the nations largest banks who also works with thousands of distressed homes on behalf of home owners.....
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