BiggerPockets

I am new to the forum so would like to take the time in my first post and thank everyone for sharing their experiences. I have contacted a real estate agent in NY and he has a large amount of short sales but has told me a few things which I have never heard of before.

1) First he has claimed that the banks will not negotiate the SS file with anyone except for a Realtor, lawyer, or ho which I know to be true for California and Florida. Is there any truth to that?

2) Second he has tried to convince me that it is not possible to do a double closing in NY due to the chain of title regulations and that the bank will not let this happen. (I am not referring to BoA line 10 or anything like that)

3) Lastly he claimed that my option contract was illegal and would not be recognized by both the banks and the title companies?

With all that being said I have been negotiating and successfully closing SS in NJ for 2 years now and have run into certain instances where 2 occurs and the deal falls apart. I have run into three in the context of the option contract not being recognized as the bank required I be the "Owner of Record". 1 I have never had a problem with.
If anyone could offer some clarification it would be appreciated as I would like to start doing some NY deals as well as NJ.

No your tone is appropriate and I am inclined to agree with you. I am just concerned about picking up a deal in NY and not being able to do a simultaneous close as all that extra time costs $$$

Nick is right about not having a realtor negotiate, except he should have said "Never Ever". There are issues with same day closings in New York. I am working on a possible solution and have sent a Colleague Request.

I am not 100% clear, but title companies are wanting the first Deed recorded before moving on to the second transaction. I am trying to get my hands on a specific contract that has eliminated this requirement. However, I am hearing that title may now not be liking this contract. Trying to get in touch with a specific law firm, and if I find a solution I will post here.

So basically looking to do more short sales in NY would be more of a headache than just picking up more leads in NJ. Obviously these are problems that can be overcome by just holding the A-B for the "seasoning period" before doing the B-C but than the increased risk and time value of money rears its head.

Thanks for the good advice on this subject.

Now, I am a newbie to the investment side but have been involved in a few short sales in California. From my experience, you do NOT have to be a Real Estate Agent/Broker or Attorney to negotiate a short sale. Many former mortgage brokers, transaction coordinators, processors, etc have all negotiated short sales. I haven't heard of a bank refusing to speak with a negotiator because they are not a real estate agent or attorney.