BiggerPockets

Eric- Where did you find these companies? I didn't realize they exist. I've always done my own, as we discussed the other day, there is definately a need. I was wondering what they charge; what if they don't succeed; who handles the BPO? Thanks for your input.

Do an online search for " short sale processing" ... It seems to be a growing business.

I have seen everything from...

- Free to process and then a split if successful...
- $1000 fee hit or miss...
- To $2500 if accepted as submitted.

I have also been aware of these services but have not utilized them as I had concerns about them not performing when I have the responsiblity to go back to the owner/seller

I may try a service as an experiment in effeciency. I don't mind splitting the deal if it means I can get more of them done.

By the way - if you guys are doing short sales and having issues with double/simultaneous closings, I provide transaction fundng to fund your deal (as long as you have a buyer who's closing the same day). I can quickly fund up to $400,000 and charge a small percentage of the amount funded to be wired back to me when the second transaction closes.

Got it. I am currently working a particular short sale (have BPO tomorrow) and think I'm in good shape...but we'll see where the BPO comes in.
As I have a larger volume of short sales I would like to see about working with you to provide a short sale service.

I'll look for your service in the appropriate section.

Cheers

It went well thanks to your feedback. I have preliminary approval from teh second to take a discount and I am awaiting to hear from the first.

Once I get approval in writing from the second I am good to go....because it gives me enough margin in the deal even if the first won't discount.

More info please Rick... Feel free to PM me.

Thanks!

Just attended a Foreclosures.com seminar sponsored by my local REIC. They say they hire former loss mitigation folks from banks (pay commission for their work) and their hope is to do the short sale negotiating, paperwork etc. Of course, you're paying over $8000 for their entire product, less for foreclosures lead sheets etc. They did state they desired to have the customer bring them short sales to do. I think they quoted $3000 a short sale for commission. I do not know anyone locally hooked up with them beyond lead list and that's paid for by county.

Eric, Buddy,
I didn't know...
I see obviously this post started well before I got here.
That's what WE do. (above) :D

I laugh at

We are former loss mitigation and more importantly workout counselors. BK counselors, Repay/Mod counselors, DIL counselors,... well you get the point.

We handle all the negotiations from start to finish. In fact we normally get paid by the homeowner which then makes our service fee free to professionals. That is not say that RE Agents/Attorneys and many other professionals have hired us themselves for their own personal benefit. In fact we have several agents that we work with that have become the " Short Pay King/Queen" in their prospective areas. Only to really have us operating all their accounts in the background.

Those that focus on short sales alone only hold a small piece of the puzzle. It is important to understand all the angles. What is the bank thinking? More importantly, what is the investors reaction going to be? These are just a few of the hundreds of parameters that must be taken into consideration.