Hold on everyone, I'm updating this site to be even cooler
I just wish Valentine’s Day were closer. I wait anxiously to declare my love officially for Bank of America (and Countrywide). And there is no better time than Valentine’s Day to share that special moment.
If you are working with Loan Modifications or negotiating Short Sales you share my feelings I am sure. What an amazing group of people to work with. WAIT . . . you don’t agree?! [Read more...]
This post falls into the ‘Are you smarter than a 5th grader’ category. Here are three recent examples of a broken system that needs some attention. I am certain the higher ups truly want a solution of sorts to protect their bottom line.
But the painful truth is the system many of the banks are following just blows. I know that sounds so unprofessional to say it that way but all too often lately the arrogance, ignorance and complete disregard for the fact that we are working with people, families and some in such despair they have lost all hope. [Read more...]
There are some gentle nuances to negotiating short sales that I would like to share with everyone now. These negotiating tactics are basic in principle but powerful when used consistently and correctly. First is related to negotiating the ‘Terms’ and the second related to negotiating the ‘Approval’.
Negotiating the TERMS.
As listing agents or short sale negotiators we all tend to have a very common trait and that is wanting to control everything from the start. Well let me tell you when negotiating there are times where that will work against you. For example do not waste your time negotiating the ‘Terms’ of the short sale when the negotiator first speaks with you. [Read more...]
I wanted to use this post to share an example of how we all as Realtors can easily get caught up with what we think are changes across the board with some of the banks we are negotiating with short sales.
Recently while negotiating a file with 2 liens, Chase sat as the 2nd lien holder. Imagine my complete shock when the Chase negotiator stated they wanted no less than 20% of their balance to release the lien. He went on to say that anything less would close the file. I’ve heard that ‘we’ll close the file’ remark more than enough to know it is 90% smoke and 100% crap. Sure they might at some point close a file but who the heck cares. A closed or denied file is just permission to step pasted them to someone above them. [Read more...]
Month by month the issues related to negotiating short sales grow and evolve. One month it all seems to make sense and then crazy stuff starts to happen. So what can you do to get your deal through when you are having some challenges with the 2nd lien?
It all goes back to setting your seller expectations. Over a year ago most 2nd liens wanted at least 20% to release the lien. Six months ago they seemed to work through with 10% or less and now we are seeing a turn back towards the 20%. And the 1st lien of course only wants them to get $2k for everything. I always like to fight and negotiate the heck out of the deal. But there are times when, as the negotiator/Realtor, that it might make sense to let the deal move to close even if it might cost someone in the transaction some money. (I don’t even like typing this, feels like giving in but . . . sometimes it will make more sense based on your seller’s needs and desires). [Read more...]
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