Using Title Company for Negotiations?

Is anyone using a title company for their negotiations? If so, how has the process been? Ant particular good/bad ones you recommend?

 

Thanks!

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Permalink Reply by Paula Henry on March 6, 2011 at 6:11am

 

Indiana

Permalink Reply by Marcy Moyer on March 6, 2011 at 7:40am
I am in Ca and my title company talks to the lender, but only to get payoff info and deal with the HUD1. they never negotiate for me.
Permalink Reply by Frank Shamoo on March 6, 2011 at 9:06am
I would not recommend it.  Title companies negotiators do not have the ability negotiation difficult Hardship cases.  If it is straight forward short sale with no Deficiency, No junior Liens, then maybe you can give them a try.  otherwise, you I recommend you use professional Negotiator.
Permalink Reply by Kristy Hamilton on March 6, 2011 at 9:10am
I am a short sale coordinator at a real estate law firm.  When our firm gets a listing agreement, I get the file and begin the contact with the lender (once I have a signed third party authorization).  The reason that we start negotiations once we are in receipt of a listing agreement, even before they have a contract, is to get a head start on the short sale approval process to keep the entire transaction to as short of a time frame as possible. I also stay in contact with the seller and request information as the lender sends the request(s).  Once we obtain final short sale approval, the file goes to the loan closer assigned to close the file.  Our firm doesn't make any profit from the transaction until the closing.  So, it is in our best interest to stay attentive to our short sale files.  I do have a few files where the realtor is negotiating the short sale.  I also keep those files until final short sale approval has been approved, then on to the closer.  Another benefit is that we have almost constant access to a real estate attorney that can answer any legal questions that may arise or prepare legal documents.  Each day, I learn something new to help navigate the process more efficiently.
Permalink Reply by Frank Shamoo on March 6, 2011 at 9:18am

Yes, it seems that you understand the process very well.  However, I trust you would agree at end of the day it is about negotiating with a collector and that is what we do.  It takes a certain skill level to be able to negotiate.  Attorneys are not made of Iron.  I am not an Attorney.  However, about 30% of my clients and they require someone like me to be able to dismiss them of future liability.  THE Correct Negotiator makes all the difference in the WORLD!  It is not worth the gamble.

Permalink Reply by Kristy Hamilton on March 6, 2011 at 9:28am
By "dismiss them of future liability", are you referring to tax purposes (1099)?

Franco said:

Yes, it seems that you understand the process very well.  However, I trust you would agree at end of the day it is about negotiating with a collector and that is what we do.  It takes a certain skill level to be able to negotiate.  Attorneys are not made of Iron.  I am not an Attorney.  However, about 30% of my clients and they require someone like me to be able to dismiss them of future liability.  THE Correct Negotiator makes all the difference in the WORLD!  It is not worth the gamble.

Permalink Reply by Steven J. Pahl on March 6, 2011 at 10:20am
I have used the title company associated with our office with great success in negotiating short sales.  They include their negotiation fee on the HUD from the start along with the customary title fee's and if the bank cuts it they take the loss, nothing comes from the commission side.
Permalink Reply by Tammy Davis on March 6, 2011 at 10:57am

As someone who worked in escrow...I have an admitted problem with control and correspondence.

I want to negotiate all of my transactions...then I know exactly what is going on at all times. I notify all parties on a weekly basis (in the beginning) of the status. I know I would drive another person crazy with the "what's going on, did you send this, did you do that, did you ask them this..". Escrow/title is suppose to be a neutral party and I don't think they should be taking on the role of negotiator.

Permalink Reply by Barbara J. Rice on March 6, 2011 at 10:59am
I also do my own negotiating. With the Seller's approval I used a 3rd-party negotiator about a year ago and it taught me what most here are saying ... no one cares more than YOU about getting the short sale approved. I ended up doing all the work (because the 3rd-party wasn't getting it done) and they still received some payment. AND they tried to include an extra payment on the HUD that the negotiator hadn't approved. If I hadn't kept my hands in it, no one would have known differently. I've done all my own negotiating since and I haven't lost one in over a year.
Permalink Reply by Marcy Moyer on March 6, 2011 at 11:24am

I tried a "professional" negotiator once. It was a notional company. they failed.  I fired them, did it myself and closed the deal. That was the last time I will ever do that.

 

 

Permalink Reply by Ben Benita on March 6, 2011 at 2:52pm

I do negotiations for agents and am in the process of partnering with a title company primarily for more office space and credibility.

 

I will be training more staff on how to get short sales done, and, we will be rocking in no time....looking to be another huge year for us.

 

As Jeff noted, just check out whomever is handling your negotiations....

MAKE SURE they know what they are doing

and

MAKE SURE they keep YOU and your Seller in the loop on status and progress (web based short sale tracking is best with automatic e-mail updates)

 

To those agents handling negotiations on your own, I certainly wish you all the best, BUT, being a HUGE fan of:

"The 4 Hour Work Week"

 

book, would STRONGLY suggest you find someone to handle the "joy of short sales" so you can make highest and best use of your time, which should be:

 

FINDING ME BUYERS AND SELLER!!!!

 

Best of luck to everyone.....make 2011 your best year ever!!!!

 

 

20eyzwtfpcveoPermalink Reply by 20eyzwtfpcveo on March 7, 2011 at 1:02pm

Short sales in Las Vegas have to be negotiated by attorney's, Real Estate agents.lenders...but not lay people..no chance of me using an hourly wage earner who does not have major concerns if the file closes or not!

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