Comment

Comment by Victoria Frieberg on October 12, 2011 at 6:14am

I had one, not with Wells, but the lender had a promissory note drawn up and presented at closing for signatures..seller had time to review, we got the deficiency down from 89 to a 27k debt.

 

Comment by Vincent Mignogna on October 12, 2011 at 6:10am

Does anyone have experience with doing a short sale with a client who is willing to take on the short in a promissory note? My sister wants to move and can afford both the current payment and any short note she would take but how easy/difficult would this process be?
Thanks for any information!

Comment by Henry Liu, Broker on October 5, 2011 at 6:15am

Anyone know of escalation contacts?  I have a file in process that no one is responding.  Please advise.  thanks.

Comment by Ben Benita on October 3, 2011 at 2:41am

I think we BOTH know you happen to be one of the many exceptions to most rules!!!!

;-)

I am just a BIG proponent of "highest and best use" of both one's time and skill set.

Some agents are better at marketing than others, and, some agents are better handling short sales than others.

The BIG KEY - know the difference, and, get help from others where you may be lacking.


I wish you and everyone on here continued success.

Comment by Jeff Payne on October 3, 2011 at 2:31am

Hey Ben, you know that I am with you brother, just have to disagree a bit on the idea that if we hand our short sales off to a negotiator that means that we will be able to go out and do that much more business.  That may be the case with some agents but I have yet to see this happen in my market.  The possibility is there I guess but the real meat and potatos for most agents is that to do more business, they need to have a real plan and they need to time block their time.  For example, I have a set time that I prospect to potential sellers for appointments and have a time that I use to work the short sales.  At least for me, I don't spend alot of time on short sales with the use of Equator and with having built good systems and models and good connections at the bank.  Getting help with using a third party is a good thing in my opinion, for some agents :)  Using time wisely is what most agents don't do, if they did they would be much more productive.  Our team is 3 people consisting of 2 agents and one admin and we average minimum 10 transactions per month and rarely work over 40 hours per week. 

Comment by Deb Orth on October 3, 2011 at 1:42am

Hey, Ben.  Call me some time this week 804 314-4575.  I'd like to chat with you.

Comment by Ben Benita on October 3, 2011 at 12:47am

Thom nailed it, the 2 C's:

Compassion - for your homeowner

and

Communication - with your clients

 

LIVE BY these 2 things during your short sale and you will be fine.

INSIST on it with your short sale negotiation company and you will be fine.

 

Less than 100 days left in 2011......finish strong, GO KICK SOME _______!!!!

Comment by Thom Colby CA Brkr 888-391-5245 on October 2, 2011 at 2:06pm

Deb,

Personally, I'm very glad you posted your thoughts on this topic!  You are correct, there are some really big Short Sale "Mills" who provide no interaction, updates, and I'm sure many fall through the cracks.  It's never going to be that "no" property will ever go to foreclosure but some may.

 

On the other hand, I think you can very much get what you are looking for.  There are many licensed Brokers & Agents who are just as caring and passionate as you are abotu your clients.  You just need to search around for someone who has your same philosophies and needs / wants the work/

 

As an example, for me, it's all about the distressed seller.  I don't care if it's my client or your client - they all get treated with the same dignity and caring manner.  For the past 6 years I've been listing and selling distressed properties in Southern CA.  HOWEVER, I work as a 3rd party negotiator for MANY Brokers throughout CA.  We have our successes and we have a few that don't happen (mostly due to things not discovered up front or new situations the sellers caused to themselves).

 

My point is I'm a Broker with my own business but also work with other Brokers who don't like, can't or won't handle short sales.  Everyone gets an update every Wednesday whether I have anything new to share or not.  I think communication is the most important tool we have. 

 

When you find that special person to handle your short sales, make sure you have an Agreement signed by all parties Seller, Listing Agent & Broker, Selling Agent and Broker and of course the Buyer that states exactly what the negotiator does and the expectations - and - especially how they get paid.  In my case, the Listing Agent pays my fee from their commission.

 

I wish you the very best and I know you will find someone that's a good fit soon.

 

Cheers,

 

Thom Colby

Broker / Negotiator

Newport Beach CA

Comment by Deb Orth on October 2, 2011 at 1:42pm

I've been following this string with interest.  Just a personal point of view regarding using negotiators vs. handling myself:  Last year I had so many files that I was overwhelmed and decided to give a Northern Virginia law firm some of my files.  Big mistake.  There was an egregigious lack of communication and since I understand how negotiations work, I also caught some of these account managers in frequent lies.  After 2 files in a row ended with foreclosure because of an ineptness on the part of the law firm negotiators, I pulled my business.

Later in the year, I heard of a company (not law firm) in Richmond, that had great results.  I sent much of my business to them.  Had a few successes but service level deteriorated and too much fell through the cracks.  I felt that these guys did not push hard enough and did not escalate when necessary.  I have moved my business away from them and I am back to doing my own.

The bottom line is that I don't think anyone is going to care as much about my clients as I do.  I know them, I see their pain, I know their personal stories.  They are not a "case" to me, they mean something to me, even the homeowners I don't particularly "like."  They all deserve the best representation.  Until I find a 3rd party who can put the same kind of care into the short sale negotiation, I'll keep doing them myself, or work to build a team who work for me to get the job done.

No offense to any of the "negotiators" on this forum.

Comment by Ben Benita on October 2, 2011 at 1:00pm

Will call you next week.....
No "direct" charge for our Services (that is how ALL Negotiation Companies should be set up)

I get paid by, and, am partnered with, an attorney group and a FANTASTIC title company (I could also give you the names of at least 3 title companies TO STAY FAR FAR FAR AWAY FROM)

Anyway, all part of the learning curve, doing EVERYTHING I can to help agents navigate the short sale world, and, help the homeowners that need us to get through what is often the MOST difficult time of their financial lives!!!

ALL my best to everyone

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