Replies to This Discussion

Permalink Reply by Ben Benita on July 15, 2010 at 8:10am

Nice work.......just started another one with CITI on Friday......

Permalink Reply by Jeff Payne on July 15, 2010 at 8:14am

thanks Ben! Go get em!

Permalink Reply by Jennie Blackburn on July 15, 2010 at 8:15am

Lovely! I wish all my short sales were Citi!!!!

Permalink Reply by Kent Dills on July 15, 2010 at 8:18am

Good job Jeff!

I wish all or most of my short sales were with Citi too! Sometimes they're slow, but they communicate well and don't pop off with any last minute BS!

Permalink Reply by The Trent on July 15, 2010 at 8:29am

Good work! I have notice that they have really been moving fast.

I got cut to 5% on my last approval and could not manage to negotiate or escalate around my processor at Citi.

Do you have a good AVP/SVP/VP contact at Citi you would be willing to share with me? I have good contacts at other banks that I will share with you.

Permalink Reply by Jeff Payne on July 15, 2010 at 8:36am

Yep, Citi is good to deal with!

Permalink Reply by Jeff Payne on July 15, 2010 at 8:39am

Trent, I do not have any contacts there, never needed them... As far as commission cut, I know it stinks but you got the job done for your seller, the most important part :)

Permalink Reply by The Trent on July 15, 2010 at 8:56am

That is true, and the reason why I didn't fight it too hard. Having said that, I hate getting my commissions cut by some processor when all it takes is sending the numbers to someone who can really make a decision and get the full 6%!

But you are right.

Jeff Payne said:

Trent, I do not have any contacts there, never needed them... As far as commission cut, I know it stinks but you got the job done for your seller, the most important part :)

Permalink Reply by Melissa Polce on August 11, 2010 at 2:54am

Got a good SS Manager's # over there?

Permalink Reply by Melissa Polce on August 11, 2010 at 2:55am

Yeah-they want to cut ours to 4%, I said 5% is the best I can do...

The Trent said:

That is true, and the reason why I didn't fight it too hard. Having said that, I hate getting my commissions cut by some processor when all it takes is sending the numbers to someone who can really make a decision and get the full 6%!

But you are right.

Jeff Payne said:

Trent, I do not have any contacts there, never needed them... As far as commission cut, I know it stinks but you got the job done for your seller, the most important part :)

Permalink Reply by Ben Benita on August 11, 2010 at 4:21am

Melissa - and everyone, ALWAYS ALWAYS ALWAYS fight for your commission....it is admirable to do what you need to get the deal to closing, BUT, short sales are a HUGE pain in the ______, especially if you are negotiating them yourself.

We ALWAYS fight for 6% or more (yes we have gotten as much as 8%). Remember, the FINAL decision ALWAYS rests with the Ivnestor, speak to them and they WILL "make an exception just this once...." (that is EXACTLY what you will hear if you push back).

Next time you are asked to accept 4% or 5%, try some of these lines (taken from my book)

Try these lines:
1 - “Let me check with my broker to see if we can agree to that. I know he/she ususally will not agree since we have 6% written in the SIGNED sales contract and listing agreement” – this puts you in the “same boat” as your negotiator, middle-person checking with a “boss”
or
2 – “If I can get the Buyer to increase his/her sales price by 1%, so that the investor on this receives the same NET, can we get the 6% agreed to in the SIGNED sales contract and listing agreement” - noting 6% has already been agreed to IN WRITING will work with newer negotiators
or
3 – “I spoke to my broker and he said we can NOT agree to reduce the commission on this. If this buyer walks, will you at least keep the file open so we can find a new buyer, one who will cover your shortage?” - many negotiators get nervous when they may have to start the file over again
or
4 – Hang up and call back the next day – “I asked my broker, and he/she said we closed a short sale with you guys last month and were able to get 6%. He/she asked me to see if you or the investor can make an exception…..just this once” -back to the "just this once" exception.....this works best, particularly if you reach out to the Ivnestor.

Fight for your commissions guys......YOU DESERVE IT!!!!!!

Permalink Reply by Melissa Polce on August 11, 2010 at 4:36am

I fought for the 5%, and at this moment I want this albatross off my back...still need help with 1st/2nd combo approval...see your email...and help...will be making another attempt in bout an hour...we typically ask for 7...I just want this one DONE

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