Frustrated with inability to find a GOOD Short Sale Closing Attorney that is consistent
I have had the hardest time trying to find a good, CONSISTENT short sale attorney to close the files (and assist on issues when they are needed). Every time I think I have found a superstar and give them a couple of things, they inevitably quit working as hard.
I have found that they talk a good game, make promises, appear to be knowledgeable yet fall off the radar when they are really needed or simply don't do a good job (ie following up on an issue days after they should have). I also have had the hardest time simply trying to get a correct HUD! This is even after I send them all of the numbers for the seller's side.
On my last short sale closing I had warned them that the "Final" HUD wasn't correct because the CDD fees were not prorated correctly (too high of a credit back to the seller). They argued with me vehemently and insisted that the buyer's lender had already approved it and it was final where everyone else was concerned. Thirty minutes after I had final HUD approval (from BOA, no less) they called and said the CDD fees were prorated incorrectly and the buyer's lender had made them change it. I then had to go through hours of calls and e-mails trying to get approval on the new amount as it reduced BOAs net by almost $1k (although the net still met the approval letter) This is in addition to jacking their fees and putting double what BOA approved for their fees on the final HUD despite not performing any negotiation services on the file.
I think it's important to send files to attorneys who are really familiar with short sale issues. It seems like we have so many in our area running around claiming to be short sale specialist or foreclosure prevention specialist who want to collect their fees, yet do not follow through.
Any tips for finding consistently good "help"?
Replies to This Discussion
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Permalink Reply by Katerina Gasset on
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Join the club! You are right, they talk a good game. This is just not attorneys but title companies too. We use one attorney that is good and she will make all the necessary changes but we still have to tell them the changes etc. Our title company is a gem. We mostly use title companies here in Fl.
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Permalink Reply by Richard Zaretsky on
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We do try......... and we really like working with brokers to get their selling clients the best results possible.
I think that many attorneys that get involved in the short sale process simply run out of steam because they are underpricing the work they have to do - thus as it drags on they are essentially doing work they are no longer getting paid to do.
Attorneys really cannot do the hands-on work at a price point that makes sense -- they need to delegate it to their staff WHICH MUST BE COMPETENT AND PROPERLY TRAINED, and the attorney must be there to answer questions and finalize issue with the lender and seller.
We have worked for years to develop and hone our system for doing just that. Usually it works.
We even have Katerina as a referral source (although apparently not an exclusive on that.....)! -
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Permalink Reply by Chris Black on
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Hi Stephanie,
Will you send me an email (chrisblack [at] wingedfoottitle [dot] com) with your phone number so that we may discuss? Based on the name of the discussion board, I assume you are dealing with properties here in Florida. If so, please reach out. We would be happy to help.
Best,
Chris Black
Attorney
Winged Foot Title, LLC
8695 College Parkway, Suite 1041
Fort Myers, Florida 33919
P: (239) 985-4142
F: (239) 425-3518
W: www.wingedfoottitle.com
Blog: www.homeclosingprocess.com -
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Permalink Reply by Kristy Hamilton on
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Hi Stephanie,
I am a shot sale coordinator/paralegal for a real estate law firm in Florida. I handle only short sales in our office and have access to the real estate attorneys for questions or to have them meet/talk with clients and/or lenders. The short sale rules seem to change as quickly as new files come in. Knowledge of HUD preparation has proven to assist my ability to stay on task, tremendously. That is one of the main documents used in making an accurate offer because, in my experience, the lenders count on any errors to increase their net. Our firm charges fees that are collected on the HUD, at closing. So, it is in everyone's best interest to close the file as soon as possible. I was having a few issues with handing over "my files" to the closers in our office as I still felt accountable to those files. So, I continue with them until I know they are ready to "walk on their own". No closing, no pay! One thought. . . can you have your name added to the third party authorization so that you can call the lender to simply get a status update from time to time to help? This could save making a call to the person working your short sale and give you some piece of mind with that update. I know that I don't mind having a realtor that wants their name on the authorization. Best of luck and hopefully, by now, you have found your perfect match for helping you sell your short sales with ease!
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Try Advanced Short Sale Negotiators in Sarasota. Ask for Kristen. This is a majority of what we do. We have several for sale and several under contract. I have personally dealt with all of the major lenders and many of the obscure-named ones. Short sales-a funny name-only the price is short-they all take 30-60 days or more. Incomplete documentation pertinent to each property or improper etiquette with a negotiator could land you back to zero. A tough business, but what isn't?
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