Who Handles Your Short Sales?

Question

I know there are companies out there who handle the transaction coordination for short sales.

Who do you use? What do they charge? Who pays this fee?

Thanks in advance

Danny

J Scott · Answer

See my response to your question in this thread:

https://www.biggerpockets.com/forums/105/topics/82775-investor-bank-negotiations-during-pre-foreclosure-stage

Wayne Brooks · Answer

The property will likely be required to be listed.  Use an experienced SS agent.  Don't try to negotiate it yourself.

Esmirna Maloon · Answer

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Hello;
I would like to know if a homeowner agrees to sell me their home during the PRE-FORECLOSURE stage and they sign the authorization to release form for the asset manager/bank, Can or should I indicate that i'm an investor looking to purchase the home or do i indicate otherwise?

What are the best strategies to use when talking to banks during the PRE-FORECLOSURE stage.

IN NY, NJ & FL???

i'll appreciate your feed back…

Monica Breckenridge · Answer

I have it all in house and i personally train my negotiators.  They are part of our team.  I pay my negotiators good money.  They dont get paid until the deal closes.  I pay $500 for 1 lien and $750 for 2 or more.  I give a $250 bonus if i buy the house because these typically require more work.  I also pay a $100 bonus if they get the bank to pay the short sale fee.   My title company has a recorded short sale fee that's included in the closing fee.  That is how we usually get the bank to pay.

Jerry Puckett · Answer

Have you checked out Jackie Patterson, right here on BP?

Shari Posey · Answer

I've tried a couple and I'm going back to doing them myself.

Jamie Cox · Answer

We keep all of our negotiations in house. I've tried services title companies offer as well as local attorneys. I've found we do a much better job looking out for the seller's best interest since we're the ones that have to look the seller in the face and explain to them why their home foreclosed if we don't do our job.

I have a full time assistant that handles the admin side of the short sale. Faxing, scanning, refaxing, rescanning etc. I handle the actual negotiations with the banks.