A current Short Sale that I'm negotiating here in South Florida has got the Lender's negotiator saying, "....come on gimme something...." That something that they want is a cash contribution so they'll approve the Short Sale. First, they requested $3000, then it went to $1500 and then we got it settled at $750 as long as deficiency mortgage balance was released. "...Okay...that will work as you just got to gimme me something..." This is a first for me in all of the Short Sales that I've negotiated over the last several years where they seemed to want a contribution, just because. Another first for me on this Short Sale here in Coral Springs is that they won't approve the lien search or estoppel fee. So I moved it and added it to the Settlement fee and that's okay. I was told by negotiator that they never pay for lien search or estoppel fees. Hmmm, I told her that I've completed a lot of Short Sales with this Lender and they have always approved and paid for lien search and estoppel fees. Verbal Short Sale approval given within 35 days so despite the annoying requests we gained Short Sale approved with deficiency removed. So that's a good thing. I think that some of these negotiators just like to see how much they can try and control and they like to say; "I" will not approve. Do you think they suffer from a Napoleon like complex! (...the condition of being small in stature but aggressively ambitious and seeking absolute control...) Oh, I don't know...could be. You would think that by now shouldn't Short Sales be standardized. Not yet ... will they ever? So when you need to go through a Short Sale process to sell your home as a Short Sale to avoid foreclosure, it still continues to be so important that you've got an Agent on your side who will expect the unexpected and now how to handle it.
It really is very important to step back and breathe at those stressful times. It can really thow off your selling chi if you know what I mean.
Lynn, don't you love short sales and how each and every one is unique. The thing I tell both sellers and buyers is that we never see the same thing twice...one general statement is that there is not one general statement you can make about short sales. Sounds like very good work! Good luck and continued success...one day at a time for short sales!
Best of luck to you in this one. I haven't experienced what you're going through but it sounds like a bit shaky.
Working a short sale one should always expect and handle the unexpected. Your experience far out weighs the negotiater, unfortunately.....for them.
Oh my goodness!! Amen that you would have to step back & take a breath & I'm sure the client was soooo thankful that you were ready for the very unexpected! Great posts for everyone to share & be in the loop on those things...each one can be so different I'm sure & the times keep evolving faster than the transactions.
It certainly makes sense to have standardized procedures for short sales. However, even with standardized procedures, banks like BoA would find some way to screw things up! Best of luck with your short sale!
I have had to walk away a few times as it amazes me what they come up with.f
Standardization would be great but each is so unique. I will have to say that the banks have made some head way in the right direction from the start of the flooding but it can always get better....good for you and good luck to you
When the banks ask or exta cash I have always wondered if the negotiator is on a bonus program. Do they get paid extra if they bring in exta money? Makes me wonder when they went from $3000 to$750.
Carole and Laura, good advice to remind us on the importance on relaxing as boy I need it with Short Sales
Jeanean, oh wouldn't it be lovely if we knew what was coming when it comes to Short Sales. I think about the only thing that we can expect is that it will be different again. Thank you for your comments
Carol thank you and just wait you'll get your turn
Ross, so true that when you handle a lot of Short Sales you'll have a lot of responses in your bag of Short Sale know-hows
Pam, it is extremely rewarding being able to help Sellers of a Short Sale. You're right too on how valuable posts can be for sharing stories.
Lisa, isn't that the truth! This is BOA. thanks for your comments
Terry, yes sometimes we walk away and come back with a plan of action.
Natalie and Steve, some progress yes but not enough...a long way to go. Thanks for your comments.
Chris and Patty, it wouldn't surprise me that they get a piece of the pie
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