I have had the hardest time trying to find a good, CONSISTENT short sale attorney to close the files (and assist on issues when they are needed). Every time I think I have found a superstar and give them a couple of things, they inevitably quit working as hard.
I have found that they talk a good game, make promises, appear to be knowledgeable yet fall off the radar when they are really needed or simply don't do a good job (ie following up on an issue days after they should have). I also have had the hardest time simply trying to get a correct HUD! This is even after I send them all of the numbers for the seller's side.
On my last short sale closing I had warned them that the "Final" HUD wasn't correct because the CDD fees were not prorated correctly (too high of a credit back to the seller). They argued with me vehemently and insisted that the buyer's lender had already approved it and it was final where everyone else was concerned. Thirty minutes after I had final HUD approval (from BOA, no less) they called and said the CDD fees were prorated incorrectly and the buyer's lender had made them change it. I then had to go through hours of calls and e-mails trying to get approval on the new amount as it reduced BOAs net by almost $1k (although the net still met the approval letter) This is in addition to jacking their fees and putting double what BOA approved for their fees on the final HUD despite not performing any negotiation services on the file.
I think it's important to send files to attorneys who are really familiar with short sale issues. It seems like we have so many in our area running around claiming to be short sale specialist or foreclosure prevention specialist who want to collect their fees, yet do not follow through.
Any tips for finding consistently good "help"?
Tags:
Hi Stephanie,
I am a shot sale coordinator/paralegal for a real estate law firm in Florida. I handle only short sales in our office and have access to the real estate attorneys for questions or to have them meet/talk with clients and/or lenders. The short sale rules seem to change as quickly as new files come in. Knowledge of HUD preparation has proven to assist my ability to stay on task, tremendously. That is one of the main documents used in making an accurate offer because, in my experience, the lenders count on any errors to increase their net. Our firm charges fees that are collected on the HUD, at closing. So, it is in everyone's best interest to close the file as soon as possible. I was having a few issues with handing over "my files" to the closers in our office as I still felt accountable to those files. So, I continue with them until I know they are ready to "walk on their own". No closing, no pay! One thought. . . can you have your name added to the third party authorization so that you can call the lender to simply get a status update from time to time to help? This could save making a call to the person working your short sale and give you some piece of mind with that update. I know that I don't mind having a realtor that wants their name on the authorization. Best of luck and hopefully, by now, you have found your perfect match for helping you sell your short sales with ease!
Try Advanced Short Sale Negotiators in Sarasota. Ask for Kristen. This is a majority of what we do. We have several for sale and several under contract. I have personally dealt with all of the major lenders and many of the obscure-named ones. Short sales-a funny name-only the price is short-they all take 30-60 days or more. Incomplete documentation pertinent to each property or improper etiquette with a negotiator could land you back to zero. A tough business, but what isn't?
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.