Comment

Comment by Esperanza Agbayani on June 28, 2012 at 2:51am

Thank you Kelly. It is our duty as the Realtor to negotiate for our clients. Knowledge is powerful and working with like minded team like here makes a difference. My first Short Sale was in 2003 when my clients husband died in their newly built house. She was 7 months pregnant and with a 6 year old girl. She could barely speak English and even lost the "password". She does not know any of their financial information. The bank told me what to do but getting the package together was a nightmare. Anyway, like any transaction in the pro-active mode, it closed. Real estate transactions are individually unique and it we have to approach each with more personalized attention. It can not be treated like products in a production like where everything is predictable.

Comment by Sheila Vardakis on June 28, 2012 at 2:35am

Kelly,

You said exactly what I would say.  I too love the short sale route and chose to do these because of the benefits for ALL parties.  I have given 3 different negotiation companies an opportunity to negotiate but the relationship ended quick.  I need to know what is going on with the banks and be informed with what is going on.  There are too many details to pass along to a 3rd party too and how can I be sure these things are being passed along.  Short sales are my business..........therefore I will do every facet of them to insure success.  

Comment by Esperanza Agbayani on June 27, 2012 at 3:25pm

I agree with you Kelly. I have been negotiating directly with the lender on my Short Sale deals. Been out of the loop for a while and picking up again. Wells Fargo will be using the Equator system by July 1 is that true?

Dealing with a negotiator will be another cause of nightmare and of course who will be more diligent in working for the seller if not us? This is the times in our business that we can proudly say we deserve every penny we make. Agents have to deal with this will compassion equipped with lots of knowledge through several resource and that is what distinguishes us from the crowd.

Comment by Kelly W. Maynard on June 27, 2012 at 11:31am

Esperanza and Joe Beauchamp - Personally, my business is almost all short sales that I negotiate myself.  In Phoenix almost all of the listings have been distressed properties and I chose the short sale route vs the REO route, a long time ago.  I like doing short sales and find it very rewarding.  I feel like I am doing a great benefit, not only for the homeowner, but for our economy as well.  I believe a Realtor has the best opportunity to successfully close a short sale, because they are the ones that care.  In all my experiences of doing short sales, I have never found a third party negotiator that does as good a job as a knowledgeable, experienced Realtor will do for their clients.

Comment by Thom Colby CA Brkr 888-391-5245 on June 27, 2012 at 6:56am

@Tom-

The attached was provided to the members of our Realtor Association by the Attorney for our association.

Use of Short Sale Negotiators - CA.pdf

Comment by Tom Walker on June 27, 2012 at 6:30am

Mr Colby et al --- concerning California, if the negotiator is a lender must they be licensed in Ca OR can they be licensed in another state and/or do they need to have an office in Ca in order to negotiate in Ca?

Comment by Thom Colby CA Brkr 888-391-5245 on June 27, 2012 at 4:47am

Esperanza - I sent you a message.  Also, in CA, the negotiator must be licensed AND, there must be a written Agreement between the Negotiator's BROKER, Listing BROKER, Selling BROKER, BUYER and SELLER disclosing the Negotiator, their Role, and who pays the Negotiator.

Comment by joe beauchamp on June 27, 2012 at 4:38am

Esperanza - that is an open question - quality of the work is important. My dept just does short sales for attorneys and real estate agents. I believe that if a realtor spends most of his day showing, buying, selling, etc, then he turns SS junk over to us - so he can do what he does best and enjoys. If a realtor has most of his day open because he isn't doing realtor work, he generally spends his own time dealing with the bank to save paying someone to do it. I do have 1 client who likes the hassle of dealing with the bank and gives us overflow work - but that is unusual.

Like any business, there is a lot to know about doing the best job of dealing with banks so your negotiator can be a pinhead or a lifesaver for you. My expectations of using a lawyer for this are quite low - they make a ton more $$ by having real law clients and do boilerplate wills or whatever and give SS work to a room of telephone dialers to call the banks. There isn't a lot of money in doing someone's SS's and it is a frustrating biz dealing with banks that don't care because no one makes them care.  I don't see a lawyer wasting much time on an SS when there are delays and issues - tain't worth his time.

Hope that helps..

Comment by Esperanza Agbayani on June 26, 2012 at 10:52am

There is a Short Sale Negotiator that presented in our office today. Is it wise to just give them the burden of working with the lender? I would like to get the view of those who did that.

Comment by Jean Costanzo on June 26, 2012 at 10:11am

Thanks Peggy

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