I have successfully completed a few short sales. I've been on both sides of the table as the listing agent and the buyer agent. I've taken classes and I have obtained my LMC (Loss Mitigation Certification). I certainly have learned a lot but still find the time frame it takes to complete a short sale frustrating. My newest listing in Mashpee, MA is a short sale and the seller and I have hired a mediator. She seems great and we are excited. She has had a lot of success. But, I wonder, will the process be smoother? Will it be any quicker? Today is Jan 26, 2009 and we are submitting an offer to Chase bank today. I'd love comments of others experiences when using a Short Sale mediator/negotiator. And I will be sure to put up another post when the transaction is complete.
Colleen -
My suggestion - monitor her closely! The listing is still YOUR responsibility.
I've seen some mediators work well, others falter, with poor follow up. Never ASSUME anything.
My two cents anyway - good luck with the listing and sale!
Say - you know my friend Annie Hart Cool from The Cape? If you do, tell her I say hello!
DEAN & DEAN'S TEAM CHICAGO
Colleen;
Best of luck to you with the mediator! I'm looking forward to hearing about the outcome!
-Karin :)
Have not considered this option. We have been discussing contracting witha local attorney to gain access to their "Clout" to expedite the process. We will likely come to some agreement and will post the results.
Caution: it's too easy for 3rd party mediators to become overwhelmed with files as is often seen when title companies handle short sales. I haven't found that attorneys are any more successful either - the attorneys don't make the calls - their staff make the calls - and again, they can only do so much in a day - they get their paycheck every Friday regardless of the short sale success. as a matter of fact, the short sales that have been dragged out the longest are those handled by attorneys (I have 3 of those in process right now, one is over a year!)
the most successful third party negotiators are those that receive a fee only when the transaction closes and like mentioned above, even those need to be closely monitored.
Hi from Texas,
I am in the process of doing a short sale with Chase, I don't need any more middle men or anything to confuse it anymore. I admit this is my first short sale and boy let me tell you, lets say I faxed a 100 pages to them on December 23rd, 2008, Here it is January 27th, BPO has been done. I call there every other day and ask about the status, same answer is we are waiting for a Negotiater to be assigned. I sit there and ask them till I am blue in the face of who can tell me any more than this, come on. My take is that there is not enough Negotiators. I guess there must be one for every 1000 files or something. Why don't they hire more of them is what I want to know, the time they take to even get to the point of getting the file assigned, certainly makes times worse for both parties in the transactions. Buyers get disinterested and can leave the deal , or even the seller might not be able to continue making payments. I would like any advice that anybody can give me to help push this harder. I would definitely do this again, but next time I guess send them starbucks coupons or something. Maybe that would help, haha... Anyways thanks.
Colleen Im just curious. Does the negotiatior get paid by the bank in addition to your commission?
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