Special offer

Come on gimme something!

By
Real Estate Agent with eXp Realty

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 Short Sale Cash contributiona 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.

Posted by

Subscribe to My Blog

The more you know,  the better prepared, the better the outcome.

Whether you're Selling your home in Coral Springs or Buying your home in Coral Springs or other Southeast Florida cities from Boca Raton south to Miramar, I promise to be on your side working hard for you as your Coral Springs Realtor and South Florida Realor. Helping homeowners with Coral Springs Real Estate and the Real Estate in surrounding cities such as Coral Springs, Coconut Creek, Parkland, Plantation, Pembroke Pines, Margate, Miramar, Tamarac and Sunrise in Broward county to the cities of Boca Raton, Delray Beach and Boynton Beach in Palm Beach county. 

 As your dedicated Coral Springs Realtor, Short Sale Specialist, Keller Williams South Florida Real Estate Agent, Coral Springs Short Sale Realtor, South Florida Short Sale Realtor and CDPE Certified Distressed Property Expert, I'm ready to work hard for you.

 Real Estate Promises Delivered

I'm looking forward to hearing from you soon. Please call me at 954-464-1100 or email me at: lynnp@ImagineYourHouse and it would be my pleasure to help you!

Learn more about me and Coral Springs Real Estate as your Coral Springs Realtor and Coral Springs Short Sale Realtor 

 

Copyright protected. Do Not Copy

  

+LynnPineda

Comments (11)

Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

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.

Jul 28, 2011 03:46 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

throw*

Jul 28, 2011 03:47 PM
Jeanean Gendron
The Address Realty - Redding, CA
Specializing in Selling Unique Properties

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!

Jul 28, 2011 03:47 PM
Carol Andersen
Navarre Beach Agency - Navarre, FL
NW Floridanulls Real Estate Pro, TRC, ICREA

Best of luck to you in this one.  I haven't experienced what you're going through but it sounds like a bit shaky.

Jul 28, 2011 03:49 PM
Ross Therrien
Prudential Verani Realty, Londonderry,New Hampshire - Londonderry, NH
Realtor, Broker Associate

Working a short sale one should always expect and handle the unexpected. Your experience far out weighs the negotiater, unfortunately.....for them.

Jul 28, 2011 03:49 PM
Pam Hills
Innovative Artistry - Kendall, FL
ASP/IAHSP- Stager Miami, FL, Creative Minds Innovatively At Work

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.

Jul 28, 2011 03:52 PM
Lisa Dunham
Alexandria, VA
Associate Broker, Alexandria Virginia Real Estate

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!

Jul 28, 2011 03:55 PM
Terry Gerling
Ultimate Realty - Saint Louis, MO

I have had to walk away a few times as it amazes me what they come up with.f

Jul 28, 2011 04:05 PM
Natalie Vizir, Broker Associate Dana Point Laguna Niguel Homes For Sale
RE/MAX Signature Services - Dana Point, CA
Natalie Vizir

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 

Jul 28, 2011 04:10 PM
Patty Clark
Morningside Homes, LLC 720-231-5200 - Denver, CO
Helping Families Move with Care

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.

Jul 28, 2011 05:49 PM
Lynn Pineda
eXp Realty - Boca Raton, FL
Real Estate Promises delivered in SE Florida

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

 

Jul 29, 2011 04:33 AM