I'm fairly new to the site and might be overlooking the answer to this. 

I was trying to search the forum post to see if there was a discussion about paying a Short Sale Transaction Facilitator.  I'm in the Dallas/Fort Worth area.  I'm thinking of letting a Short Sale Transaction Facilitator do my short sales but I'm not sure of the pay scale for them.  A typical RE Transaction Coordinator pay in this area is from $250 - $500 flat fee but I can't find anything regarding a Short Sale Facilitator.

Any suggestions, or can you post what you have paid recently?

Thanks for your help.

L

Views: 1423

Reply to This

Replies to This Discussion

The incentive is that I allow them to lower their offer from their top price.  As long as it is within a certain range of current comps, I always try to go as low as possible.  It gives us negotiation room, and the buyer feels like they have a chance at a discount, so they rarely walk away.

www.ssprocessors.com

Hi Joseph,

You are the first one I have seen that posted "that much work".  Everyone always say this about short sales but I don't understand why people think they are so hard?  Can you explain what you are considering to be hard?  They take time but hard I don't get.

but then again, I do not charge agents.

Who do you charge?  Who pays your fee?

The buyer's closing cost pd by lender does not work if your buyer is CASH or CONV

It works if it's conv.  I've seen 3% all day long on a conv loan.  I've also seen closing cost credits on a cash sale, but not often.

I agree, but the last 2 of my shorts (close about 20 a month) was countered with closing cost out because negotiator said it was a conv loan.  I did however counter their counter. Lender was B of A

Did you get it Shannon? I have one now that is a conventional and we got $5k...it hasn't closed yet however!

Thank you ALL for responding with your great comments.  As you can see in some of my replies I'm having a hard time parting with a big chunk of my commission.  I guess when you are a Realtor who has negotiated all their own SS in the past  its hard to turn it over and pay someone a big chuck.  When I say big chunk it's because I was told by a well known negotiator 40% of the gross closed commission and 50% of gross closed commission by another negotiator here in Texas.

I think it is more simple than a lot of the Agents think it is... it can just be time consuming and I'm OK with time if the seller is getting out of their loan with no repercussions and a buyer is getting a home at a great price, who can't give more of their time?  All-in-all it looks as if I'm going to pay a high commission split in my area or higher a in house person who can do the paperwork and bring leads or listing to the table as one agent mentioned below or I need to continue processing for myself.

Have a great night and a wonderful holiday season!

I think that there is a huge difference between a facilitator and a negotiator. Facilitators push paper.  I can train a monkey to fill out a short sale package. And hiring an admin to do this for you may work....on average short sales. When you start doing volume, or you start seeing complex transactions, they are a lot more than sending in a package.  In fact, this thinking of "I'll send in the package and when the bank counters at 88% I'll just roll over" is probably why the success rate in the industry is low. For experienced negotiators like myself or Smitty, we pre grade these deals and put together a STRATEGY. We ANTICIPATE rather than REACT. Maybe this is why you don't see negotiators asking basic questions and wondering about scenarios that to us are baseline elemental. I see the threads on this and other forums, I see the questions being ask and most of the time I am shaking my head and wondering "These agents are representing sellers?" Short sales are  relatively simple. Simple may not be easy though. Aside from the man-hours put into the documents collection and submission and subsequent follow up, the real work, to me, is in NEGOTIATING. Just because you get a counter offer, or just because you get a valuation or are up against a guideline does not mean you have to settle for that. Having the experience to foresee and plan for contributions-and having the skills to sell this position to a buyer in the beginning and not spring it on at the end is what makes the difference.  Having the knowledge of the lenders and knowing how to price,how to vet buyers and screen offers, how to set the structure of the deal is what separates a good negotiator from a paper pusher. I guess that's why buyers sign my fee agreement and pay me 3% on EVERY CLOSING. They feel as if I am adding value and giving incentives to them such as a discounted price and a higher possibility of approval. I guess this is why sellers who hire me are happy, as well as the agents and attorneys I work with-especially since I fight hard to make sure they get the fees and commissions they deserve.  Another thing a good negotiator will do is coordinate and supervise the closing. Far too many moving parts here to trust it to a title company. I guess the moral of this story is to not make assumptions about anything or anyone. Do your research and use the services of a qualified and experienced facilitator, negotiator, attorney, or agent if you are looking to do short sales in volume and do not wish to fund  a dedicated staff to work directly for you.

www.ssprocessors.com

www.josephalfe.com

Lisa,

    We all know some transactions are easier than others. If you have processed and closed a short sale that has 3 mortgage liens and multiple judgments with a foreclosure sale date looming around the corner it isn't always a walk in the park. I'd suggest If you are worried about giving up your commission then get a buyer to pay the negotiation fee or use a different strategy to have it paid. Typically, prospecting and getting more listings would be more beneficial than saving half a point in a transaction.

Having the experience and knowledge to have the foresight of hurdles that may occur in the transaction is a game changer. It's not about processing a short sale, it's about processing it correctly.

[email protected]

310-564-6389

Don't tell Mike Ferry.

Oh no offense ...but I have to laugh at this. Realtors..well they generally sell houses. Escrow, escrow. Secretaries...you get it.  My personal opinion is that if you want to do more business, list and sell more houses. This precludes sitting around in your office being held hostage to a return phone call, email,  or FAX (yes some lenders only use it---hello Flagstar!)

There is a MASSIVE diff between a paper pusher and a negotiator. The latter can often help to resolve and negotiate with a lender by KNOWING their protocol, buzz words, ad infinitum. I have been waiting 10 months on a short sale where the listing office has a "new" short sale department and they flat out said after the fact...they don't negotiate. NEVER again. My buyer makers $120K+/year and has missed out of some tax deductions. Good thing...the price that she will get on the house will help her feel a bit better, but she still has to pay additional income tax without the write off for all those months.

And to the listing agent who insists only on doing all the work in exchange for the extra percent commission that they will get after 4-6 or more months...guess what. You could have made a LOT more money listing and selling some more homes in that same amount of time.

My take: Be a professional, hire a professional to do the work that doesn't pay you what you are worth.

I am not a Short Sale Negotiator, but I do know of some if you need one, please write to me personally

[email protected].

-----------------------------------

Have an awesome day and holiday-continued success radiant health and joy. I'm out!

Lydia Santa Cruz

Century 21 MASTERS

00690049

90 227 2792

Hey Lisa.....you might want to try Pratt, Aycock and Associates.  They are in McKinney.  They are a title company/law firm that specializes in short sales. You keep all of your commission and they charge some extra fees to the banks who are apparently happy to pay.  I did a transaction with them that was not a short sale and really liked them.  I will probably take my next short sale to them.

Brandi Dosser  attorney

TX Bar # 24065161 NM Bar # 140787

972-540-1983 (w)  |  214-540-9333 (f)  |  [email protected]

logo with black background.JPG

Pratt, Aycock & Associates, PLLC

Attorneys and Counselors at Law

6851 Virginia Parkway Ste. 100

McKinney, Texas  75070

www.txtnlaw.com                                               

 

RSS

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************