With statistics now showing that 1 in 4 mortgages in the United States are upside down, there is no shortage of short sale business to be found. The question is what are you doing with them? Here are some thoughts to consider on whether to outsource the negotiations or try and negotiate yourself....
1) You have to have a Buyer to start the Short Sale process with the Lender. They will not even look at your package without an offer.
2) Short Sales can take a very long time to negotiate. You risk losing buyers because people want to buy NOW!
3) Short Sales can take a lot of time and effort. As a successful Real Estate Agent, you have better things to do than negotiating with the banks, you should be focused on listing and market properties, finding sellers, and finding buyers.
4) There are some states states where attempting to work a short sale for a homeowner can be looked at as breaking the law because you are “acting as a lawyer.”
5) The Lender will battle you on all aspects of your offer, including the commission. You must be prepared to fight the lender for what you are worth
6) You’re a professional Real Estate Agent, not a professional loss mitigator. Good negotiators have years of experience in the loss mitigation departments and understand how the loss mitigation process works.
7) Working with a negotiation company can benefit you because they have developed relationships with the Lenders that can expedite the Short Sale negotiation process.
8) A Short Sale requires stacks and stacks of extra paperwork that is outside of the normal forms you may be used to. Partnering with a loss mitigation team can help you because they already know the items each Lender requires and can provide them to the lender ahead of time to shorten the Short Sale process.
9) Meeting the BPO agent. Most good short sale negotiation companies will send someone out to meet the BPO agent so you can spend your time on more important things.
10) Short Sales will take your focus from the things you know you need to do in order to be a successful Real Estate Agent and have you working on tedious time consuming tasks. In my opinion its better to hand it over to someone else who has the experience doing the negotiations and focus on getting more business!!!
What has been you biggest challenge with short sales?
Contact me if you would like help finding a company to outsource your short sale negotiations too.
To your success,
Oliver Graf
Real Estate Expert
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