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Negotiation Strategies

For strategies that are working to get your deals to the table and closed. Since we all don't have a Nestor :-), what are the best ways to get your deal done and closed if you have just one mortgage, two or three mortgages or any other liens.

Members: 226
Latest Activity: Feb 23

Discussion Forum

1st Lien Approves $3000 and 2nd Lien Wants $5,000,000,000,000. What do you do?

Started by Mori Langshaw Sr. Last reply by D'Adrea Davie Jan 18, 2014. 19 Replies

I have had countless times where the 1st and 2nd just don't agree. Other than the card of "You know, 2nd lien holder, if you don't accept $this$ then the house will foreclose and you get…Continue

Tags: banks, dont, agree, two, 2nd

Setting Expectations when servicers counter

Started by Jim Schneider. Last reply by Larry Davis May 19, 2011. 5 Replies

Looking for opinions in when you are the listing agent and a servicer without delegation authority counters the offer. My gut reaction is to say"the servicer does not have the authority to decide on…Continue

Do you think WF & BoA are still one of the toughest pre-foreclosure??

Started by christopher block. Last reply by christopher block Mar 21, 2011. 2 Replies

  Hey ya'll,     I just had to take off a property for awhile, most likely until the sheriff sale hits, because of a couple reasons..1) Although BoA had 2 more opportunities to reconcile the BPO they…Continue

Tags: America, of, Bank, BoA, Listing

Negotiate with Fannie Mae???

Started by Hank Montgomery. Last reply by shea smith Dec 27, 2010. 1 Reply

Has anyone had any success in negotiating with Fannie Mae? BofA told me on Friday that the seller has to come up with $5000 cash contribution. When we pointed out that the seller has no money...they…Continue

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Comment by Bryant Tutas on January 15, 2011 at 4:52am
David. I am not a fan of the 2 HUD trick.  But in your scenario you would just give the 2nd the extra 4%. I'm sure they'll gladly accept it.
Comment by David Dee on January 14, 2011 at 11:46pm

Melissa or anyone. Just curious if the HUD1 to 1st lien holder giving 2nd lien 12% and another HUD1 to 2nd lien holder giving 8%. What happens in a case where the 1st HUD1 whereby the 1st lien approves the 12% to 2nd lien AND...the HUD1 to 2nd lien accepts the 8%?? Do you pocket the 4% difference as additional commission? j/k  but it would be nice. In any event, if that should occur, do you go back to the 2nd lien and let them know that you're able to get them that additional 4%?

Comment by Melissa Polce on August 24, 2010 at 9:57am
More than 1 lien to me equals more than 1 Pre-lim HUD-1...and it tends to work...just dont get them confused! I send my first lienholder a hud giving the 2nd lien about 12%, I send the 2nd lienholder one giving about 8%...when we wind up at 10%...we usually have a match!
Comment by Barbara A. Hill on June 29, 2010 at 11:55am
Hi Susan
I am seeing the same thing with the Banks. I truely believe that with the Country turning Communistic thanks to the Terrible people in power and their fight to turn the World over to a "New World Order" we are seeing the beginning, even though it has been going on for some time, of the Government taking all our rights away to include owning Property. The Banks have been forclosing for a long time now and where are these properties? They are not on the market for sale! Why? There are thousands and thousands of homes that have been forclosed on. It is not going to get easier. Only thing we can do as Agents is be more selective unfortunately as to the Listings we accept. I am now working with a group of Attorneys to help people Resturcture their current loan. They are having great results. They are Nationwide and if you would like the info for them please let me know.
We have to beat the Banks at their own games one way or the other! I also have a GREAT source for Commercial. Let's help these owners!
Good Luck
Barbara
Comment by Susan Burhoe on March 15, 2010 at 7:17am
Sign of the Times or pulse of the current Short Sale process. I am seeing lenders not willing to negotiate at current fair market value. Here in Floirda, we have had a tremendous amount of property exchange hands. I see this was because lenders finally became ready to deal. I am seeing them dig in their heals again, and my concern is that properties will slip into the Foreclosure Courts or on the auction block because of this behavior. This will only cause prices to fall again. Not good for the market. Looking for people's thoughts.
Comment by Beryl Gosney on January 27, 2010 at 2:59pm
Counter on the $3,000 and send it down to $1,000 ---- they start high and you go low....when they start turning, you inch up gradually..in 5 moves (3 for them 2 for you) you should have them where the 1st wants them....if not, let them pout for a while...
Comment by Deidre St. Romain on January 24, 2010 at 2:23pm
Pattilynn: Have you been successful in keeping it out of REOtrans by using this verbiage when faxing in your offer? Sounds too good to be true but if it works I'll do it!
Comment by Pattilynn Guilford on January 24, 2010 at 8:15am
Boycott this damned system. Put "Do not initiate in Reotrans" when faxing in your submission package. Quit drinking the reo koolaid. I just had a file denied by Reo 6 weeks after closing!!! Yep, you heard right. And it was NEVER submitted to reo. Now, I'm working after the fact for free to fix this as its about to be sold on the courthouse steps. With a new homeowner who has legally conveyed title via closing docs which were based on BAC's approval letter. You just can't fix stupid. I'm fighting to stay out of the system and honestly, its much easier than working with this screwed up delay the files longer tactic.
Comment by Jeffrey Smith on January 22, 2010 at 9:24am
Sometimes it's a bluff. Sometimes talking to a higher up helps, but usually...
I frankly can't understand the position people take every first has been in second position and every second has been in first position. The second is the one that took a chance. They should suck it up whenever they are in that position. But NOOOO... too greedy.
 

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