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Comment by Elaine Kan on July 6, 2010 at 4:41pm

That makes me think of my kids! mommy I want this, mommy I want that and do it every 30 seconds and they ALWAYS get what they want, just stop ASKING! :)

Comment by Kylee Roe on July 6, 2010 at 4:30pm

Elaine thanks!
Always back to the basics. Ask. Ask again. Ask again. Go around current negotiator. Ask again. etc.!

Comment by Elaine Kan on July 6, 2010 at 3:25pm

Thanks again Ben, is your book out yet and where can I get it? Should I email you directly?
Kylee, i don't have a special technique. When I get approval letter, I email the negotiator, team lead and manager and tell them the seller will not go thru with SS unless the clause is removed. They will most likely say no, blah blah and then I will email them and tell them the previous approval in CA which I have gotten with X negotiator and that they removed it...give examples of properties and managers/negotiators who made it happen before
Sometimes when I email everyone, some of them will be out of office and then we will get another person to contact and if I am lucky, I will get a phone contact and then I will be able to call
I just keep sending emails daily to escalate and provide examples of previous properties which had no "deficiency language"
I work in a big brokerage and that's how some of us got the wording removed, maybe there are others in your company with success and you can share names?
One other thing the negotiator asked was if it is primary residence

Comment by Ben Benita on July 6, 2010 at 11:37am

Elaine - P.O.C. we use as paid outside closing....it goes on the Sellers side of the HUD (line 403 or 404 of the HUD software thing we use).

If the Seller's have a financial hardship, no reason to make them pay anything (though it CAN delay things).

Try some of these lines for NOT bringing cash to close (from my book):
"We have closing set for __XX__ (where XX is 10-14 days from today), are we really going to have to re-schedule closing and find a new Buyer?"
or
“Can the Buyer contribute the cash”
or
"Since there is no cash to contribute, how long do I have to find a new Buyer before you guys decide to foreclose"
or
"Seller needs his cash for a security deposit for the home he is renting.....b/c of the short sale, his credit is now ruined and his landlord wants a large security deposit"

You can and should also escalate this WAY UP the food chain, again, referring to your Seller's hardship.

Also, do you have contact information for the Investor on the note, getting them invovled and "scaring": them into losing the deal over a few thousand dollars is also VERY effective.
YOUR CALL HERE -- you can cave in and find a way to pay the thousands of dollars B of A does NOT deserve, or, you can say "no", use some of the lines above and put those thousands of dollars in the pockets of you and your Sellers!!!!

Comment by Kylee Roe on July 6, 2010 at 10:20am

Elaine,
No luck. Can you give some pointers!?!??! PLEEEZ! I just put another one on the market, how far will they go with changing the wording.?

Comment by Elaine Kan on July 6, 2010 at 10:12am

Kylee, just curious since your in Cali, have you had success negotiating the deficiency clause away most of the time? And do you do it prior to approval or after you have the letter? That is really my main concern with all B of A shorts...I was able to have them change the wording on most of them so far but only after they give us the approval letter

Comment by Elaine Kan on July 6, 2010 at 9:56am

Ben, yes, I tried but they keep saying that the sellers should have some money and went from 5k to 3k. Ways to do cash contribution, do tell...please expand on answer, what is POC on the HUD? What is the best way if in the end only agents are willing to contribute and not buyer nor seller? Thanks again!

Comment by Kylee Roe on July 6, 2010 at 9:53am

For the Elaine thread......just closed a BAC. They ARE NOT paying any HOA fees any longer--at least in Cali. My sellers had to pay HOA fees. Interestingly enough, management at the HOA said that if the home had gone to foreclosure, all those fees that were due, would have been written off as a loss--there is no HOA legal lien on the property. So.......this is more cost we could negotiate away with the HOA if your HOA handles things the way mine did. In my case, however, we could not negotiate amount, as it appeared in a demand in the 11th hour, so seller had to pay ( I helped). BAC doesn't seem to care who pays on cash contribution, as long as they get their almighty--unearned!--dollar.

Comment by Ben Benita on July 6, 2010 at 9:24am

Elaine -
First I ASSUME you ahve tried telling them NO CHANCE and negotiated this away?
Second - -ANYONE can contribute the cash and there are several ways to do this, P.O.C on the HUD, pre-pay with instructions to RETURN THE CASH if the short sale does not close, etc.

Comment by Elaine Kan on July 6, 2010 at 9:20am

Thanks for answers.

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