Comment

Comment by Cathy Baumbusch on October 2, 2011 at 12:20pm

Ben,

Your advice on this board was very helpful to me a couple of years ago when I had this nightmare SS with Wells/Fannie.

I have darn near a 100% approval rate, I'm in love with the settlement company that I use, and I'm a control freak. Your service $OUND$ expensive.

Lets talk off line next week. 703-969-1691.

Comment by Ben Benita on October 2, 2011 at 10:43am

Cathy - if you are in VA, you should be using ME for your negotiations (I actually now have a team of attorneys partnered with me, REALLY nice benefit for you and your clients, and, a new title company I am partnered with)!!!!!

;-)


As a few have noted, some states DO require an attorney or licensed agent/broker to speak directly to a bank on a Seller's behalf, HOWEVER, much like this OUTSTANDING web site, a book, or a course, NOTHING stopping you from working with me, or someone like me, that does NOT make a call directly to the bank, but, CAN offer tips, advice, contacts etc……again, just like this site.

Admittedly somewhat of a "cheap plug", but, these are the facts as I understand them concerning negotiators and the use of negotiation companies.....

My 2 cents - I am SHOCKED how many agents actually do handle their own negotiations, all aspects, start to finish. I am a regular guest speaker here in the Washington DC area, and, most of the events I go to, 90% of the time is spent on how and why agents should say this, or, should NEVER say that during a short sale in order to NOT LOSE YOUR LICENSE!!!

If I had that hanging over my head, NO CHANCE I would do my own negotiating, or, if I were doing my own for some reason, I would certainly have an "on-call" attorney, tax accountant, and bankruptcy attorney readily available for my Sellers (I ASSUME of course everyone here has these)????

;-)

Second reason I recommend a negotiation company - as an agent, you will help MANY MANY MANY more homeowners (and make MUCH MUCH MUCH more money), if you delegate out your short sale work, free up your time, and, focus more time on marketing and getting listings......(not to mention making more people in your personal life happy like your neglected spouse, your kids who think “you work too much”, your friends perhaps, or anyone else you are NOT spending time with while waiting on hold for the banks).

Just my 2 cents......again all my best to everyone out there.....

Comment by Cathy Baumbusch on October 2, 2011 at 10:06am

I'm gonna have to check what the law is in VA. I know attorneys can negotiate here as well without being an agent or broker.

Comment by Kent Dills on October 2, 2011 at 10:04am

Same goes for Texas.  To negotiate a short sale, you either have to be a licensed real estate salesperson or a licensed loan officer (because you are negotiating debt).

Comment by Kevin - Greenville, SC on October 2, 2011 at 8:23am

Actually in some states like South Carolina if the property is located in South Carolina you do have to be licensed by the State of South Carolina to 'negotiate' Short Sales.

 

http://screaltors.org/news/2010/10/short-sale-negotiators-must-be-l...

Comment by Thom Colby CA Brkr 888-391-5245 on October 2, 2011 at 8:21am

Cathy,  Maybe in VA you don;t have to be licensed but in CA you do - See this excerpt from the California Association of Realtors website Legal Section::

 

Licensing

Make sure a SSN (Short Sale Negotiator) is properly licensed.   A SSN must be a licensed real estate broker or a licensed salesperson who is working under a broker.  An attorney is exempt from the real estate license requirement if certain conditions are met, such as the attorney is not using or attempting to use the exemption for the purpose of evading the licensing laws (Cal. Bus. & Prof. Code § 10133(a)(3)), and the attorney is not actively and principally engaged in the business of negotiating mortgage loans (Cal. Bus. & Prof. Code § 10133.1(a)(5)).

An indication that a SSN is not properly licensed is when the short sale negotiation entity is an LLC.  In California, an LLC cannot get a real estate broker’s license and therefore, should not be doing short sale negotiation. It is illegal to pay an unlicensed individual or entity for doing licensed work.  Even if it is technically your client who pays the SSN, as the person who effectively arranged the transaction, you may expose yourself to both criminal and civil liability, and you could have your license revoked or suspended by the DRE.

 

So, in effect, anyone who negotiates a short sale for proeprty in CA, must be licensed with the DRE in CA.

Comment by Cathy Baumbusch on October 2, 2011 at 6:20am

Ben Benita, you are right, you don't have to be a licensed agent or broker to negotiate short sales. But you do have to licensed to list them and sell them.

Comment by Joe Green on October 2, 2011 at 4:56am

Let's play nice.  I think it's great that we can share our knowledge base with each other.  We are not going to agree with everything.  Take away what works for you and let the other crap go.  :)

Comment by Thom Colby CA Brkr 888-391-5245 on October 1, 2011 at 4:56pm

No - just sent you an e-mail

Comment by Ben Benita on October 1, 2011 at 4:51pm

Thom Colby, at the risk of sounding like a "Mafioso":

"Are you talking to me?"

or to another Ben?

;-)

Under the presumption that you ARE talking to me, no, I am neither an agent nor a broker in Florida.

However, I CAN do, and have done and closed, short sales in Florida as well as man other states.
We just closed one last week in Florida as a matter of fact with another SSS member....took some doing, but, as usual, WE GOT IT DONE!!!!).

All my best to you and everyone on here.....this site is a GREAT resource for people

You can reach me directly at [email protected] if you want to talk about anything specific off board.

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