BiggerPockets

So we closed on our first short sale yesterday and it was a great deal that literally fell in our lap. But that inspired us to finally take the time to enter the short sale arena.

So Im interested to hear from Bp members if you negotiate yourself or pay someone else. What do you think is best and what are some advantages an Disadvantages?

And how involved will a realtor need to be? Do they do negotiations too?

Well when i Say it fell in our lap i mean we didn't do any Negotiating at all. An associate of mine knew the seller and the seller did all of the legwork with his lender. Really all we did was write the offer and close with cash 4 months later when we agreed on the price.

I have previous experience as a mortgage broker but have been out of finance Since 2007. I think we will be better off paying a pro at least the first couple deals, right?

Also i have noticed people saying that they do their own negotiating and then get a fee for that on the hud if the deal has to go a to c? so thats an additional income stream i guess we would miss if we use a pro negotiator?

Jimmy,

I think it's a matter of personal preference. If you are so busy with short sale properties that you can't see straight, you're going to have to outsource and pay someone to do it. If you're doing one here and there, you could attempt it, but you obviously aren't going to have the experience a negotiator that does it daily does. You'll have to muddle through.

There are companies out there you could pay to train you to do it, but it's usually for a fee.

The biggest thing I would offer if you do hire a negotiator is TRUST. Make sure you TRUST that person because the sale literally may hinge on their moves. Interview them too. Find out how many they've been able to get to closing, success rate, hurdles they encounter, what will or won't they do, who will they or won't they work with, what happens if you have to pull out, etc.