Replies to This Discussion

Permalink Reply by Ben Benita on July 23, 2010 at 3:44pm

depends on who the Investor is on the note Aurora is Servicing, and, depends on how good the negotiator is for the short sale (if it is you, all my best to you, if you are using an attorney, PLEASE make certain they know what they are doing). Many attorneys are getting into short sales and loan mods. b/c it is the "hot thing"" right now, we have taken over sevlera short sale negotiations from attorneys that had no clue.

6% - We have had 6% Seller concession approved, and, had 8% in agent commissions approved....both are MUCH more the exception than the rule, but, it happens.

If the Buyer really NEEDS the 6%, I would keep the property on the market as "accepting back-ups", and, be prepared for issues with financing (I would REALLY check this Buyer's pre-qualifications)

Permalink Reply by Chad Stewart on July 23, 2010 at 3:56pm

Not an attorney (thankfully) (sorry to all attorneys). I have found independent short sale negotiators & consultants to be much more effective. Mainly due to their ability to adapt, work, and respond quickly to requests which is the way I like to work.

FannieMae site says they own the loan.. Is this who the investor is then?

Permalink Reply by Ben Benita on July 23, 2010 at 4:22pm

Chad -- thanks for the thumbs up to us short sale negotiators.....I got good at this 5 years ago just after my bankruptcy (my wife and I lost 9 properties when the real esate market turned).
You are 100% correct in our case in that we had to "adapt" and find ways to get short sales done or we could not eat....we were even on food stamps for a while trying to "figure out short sales"!!!!!!

Investor -- Correct Fannie is the Investor on the note. I do not think we have been able to get them to agree to more than 3% Seller concessions (the 6% seller concessions and 8% commissions were mostly with private Investors, such as the "Chad Stewart Pension Fund".....who would tell us:

"Ben, as long as we get our Net of $XXXXX, we do not care what the agents make or what the Seller concessions are.....EVERYEONE likes these!!!!

I would see if the Buyer REALLY needs that 6%....if so, still proceed with the short sale to at least keep the process moving forward.....in the end, even if that Buyer pulls out b/c of the 6%, you will be able to change the listing to:

"short sale approved at ______, with ____% in closing cost credits"

When agents we work with chagne the listing to note this, Buyers come out of the woodworks (like foreclosures, MOST Buyers just ASSUME any short sale is also a great deal)

Best of luck to [email protected]