Wise words from a very wise man, a must read for all!!!! Thanks Ben Benita
Ben Benita recently replied to a discussion about dealing with the short sale lenders and how best to negotiate with them. Everyone needs to read this and learn from it. Long story short, for every NO that yet get, you are one closer to the YES!!!
Thanks again Ben for your sound advice.
BEST NEGOTIAITON TIP I EVER GOT -- I had the pleasure of meeting George Ross, Donald Trump's attorney (yes I am name dropping but it is a good story) at an investor summit in Maryland.
I saw him eating lunch at teh hotel restaurant and thought to myself:
"Well, here is a once in a lifemtime opportunity to meet this guy"
so I sat down net to him and the host of the event and got to spend about 20 minutes picking his brain.
His best advice on negotiations:
"Ben, the BEST negotiator I ever came across, even after having worked with Donald for xxxx years, is my 4 year old niece....she just keeps asking and asking and asking until she gets her way"
Anyone here with kids knows this is 100% true and it works with short sales as well.....
JUST KEEP ASKING!!!
DO NOT GIVE UP AND DO NOT GO AWAY!!!!!
Do it for your client and of course for your paycheck!!!!
If I find out my employees "gave up" or their negotiator "beat them", they get educated the first time on how NOT to let that happen again....if it does, they are "released from services".
FOr most of you, this is the WOST time ever in your client's life and if you are not willing to go to bat for them, I would STRONGLY suggest you stay away from short sales.....or, keep your eyes on this message board!!!!
Replies to This Discussion
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Permalink Reply by Julie R. on
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Jeff Payne and Ben Benita, you are BOTH very wise men and make this blog a must-read for all short-sale agents, sellers, and even buyers. I fall into the last category and it is your posts that give me that child-like persistence to keep on top of my agent daily to in turn keep on top of the LA. I only wish the LA would put pride aside and review some of the insightful and helpful comments you both, and others, have shared on this site. I am sure if some of the advice were used, I would be closer to garnering an acceptance letter on my offer. For me, it is looking near impossible to get an acceptance letter and a close before June 30th. I will hang in here for another week, after which I may have to contemplate a decision to walk away, but not after sending a letter to BOA corporate office and calling directly myself on Monday morning. As a cancer survivor, I am not one to give up any fight until I have exhausted every single avenue that could result in my desired outcome. I only wish the LA was as resourceful and persistent (would I be out of line to contact her broker)? A recap of what I have gained from reading comments:
1. Never stop at "NO".
2. Keep escalating until you reach Brian Moynihan (although I am going to try Carlos at Corporate office first on Monday). Always, hit the # sign if you are ever forced to leave anyone a message.
3. Write a letter summarizing the timeline and action desired (ACCEPTANCE!), include what is at stake (loss of federal/state credits, loss of interest rate lock, reoccurring storage costs, etc.). Send/fax letter to corporate office, and copy stakeholders, etc.
4. Find out who owns the sellers loan (get seller involved in finding out: Fannie May? MI? etc) and pull loan owner into loop with BoA to flush out acceptance. (still not sure how to flush out loan owner/MI, but will find out)
5. Keep documentation of all communication and outcomes.
Lots to do between now and Monday morning, but I thank you so much for being out here and helping me and so many others!
Julie
Aspiring First-Time Home Buyer
P.S. If I still have not read any other key tips, please send them to me. Thanks!!!! -
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Permalink Reply by Jeff Payne on
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Thanks Julie, that is the beauty of this site, we can all learn from each other!
You sound like you may be ready to become an agent and work short sales. Looking for a job? :) -
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