Real Estate Investor · Ocala, FL · Member since 2008 · 742 posts · 463 votes
Okay, so I have been working on recording some of our Short Sale negotiations. I putting them together in a series of Blog posts. But, since I have been doing this for a very long time, I am stumped on what all other Short Sale Investors might want to get out of watching. So here is what I ask:
1) If you were able to "sit" in and watch a negotiator working on files, what areas most interests you?
2) Is this even something that you would watch?
Wholesaler · Belleville, IL · Member since 2009 · 206 posts · 44 votes
16y
1) this may be really broad, but how in the hell do you get loss mitigators to budge off their number? does it just come down to providing them some written proof that their number may be way off? I'd really like to see what kind of software is used when tracking large numbers of files. I've had to get several files "escalated" but that didn't do jack - how do you get people to move on a file? there's probably more but that's all I have for now
2) i would absolutely be interested in watching, and taking notes!
Specialist · MA · Member since 2009 · 858 posts · 306 votes
16y
I'd be interested in seeing what hapens if you're not getting response from your contact person then how do you handle that? How do you go about asking for their manager and getting that info.
Real Estate Investor · Ocala, FL · Member since 2008 · 742 posts · 463 votes
16y
Thanks for BOTH of your replies.
I can answer some of it on a video.
Dave,
Yes, you need to justify the offers. Providing documents will assist in the Lender making a sound business descision. We track all of our files through excell spread sheets and also printed paperwork. We keep a daily log of all calls and what needs to be performed. A check list helps to assist.
Smitlit- I can and will address this in a video. Actually I had to do this the other day and did in fact document everything I did.
Centennial, CO · Member since 2009 · 758 posts · 251 votes
16y
Definately interested in seeing your videos. Especially negotiation strategies, documentation and sources for moving the price down, and if and how you present foreclosure alternative numbers to them. Lights, Camera,....Action! :cool:
Real Estate Investor · Outer Banks, NC · Member since 2009 · 121 posts · 44 votes
16y
I would be interested as well James. Do you have a excel template you would be willing to share. Thanks for all you do here on BP you are an asset to this site. :D
Residential Real Estate Broker · Payson, AZ · Member since 2009 · 3k+ posts · 1k+ votes
16y
not trying to hijack James post but rather add to it. I've got an appt with a new realtor tomorrow and James will be on the call. I'm going to do record that conversation (I know James will cool with that and I'll make the new agent agree as well)
This will be a great video to see what actual investors say to actual agents and how it goes down, questions the agents ask and the answers that are given. A real peek into my business as James is part of that, I thought you guys would appreciate a video like that.
Centennial, CO · Member since 2009 · 758 posts · 251 votes
16y
Yes, James deserves the vote for making the offer to share. Nick and James together will definately be worth a listen. I know not, but sounds like a guru program in the making. "Nick and James Excellent Adventure" - $18,345 value - yours today only $997 (but only if you act quickly). :cool:
Real Estate Investor · Ocala, FL · Member since 2008 · 742 posts · 463 votes
16y
Actually I have no plans of putting together anything "guru" like. The plan is to video record several different steps in a Short Sale. Mainly focusing on the negotiations. And put them up as a Blog posts.
My intents are solely to be able to direct more questions over to a video so that investors will be more incline to understand the process.
Ali,
As for the BPO, sorry but I do not attend BPO's. So, I will not be able to record a BPO.
Richard,
What type of Excell spreadsheet are you looking for?
Nick,
No problem, record anything. Actually I was going to see if I could record one of your calls anyways. So, you have saved me time. Thanks!
Thanks for all the great replies! I will be posting the videos very soon.
Real Estate Investor · Belvidere, IL · Member since 2009 · 169 posts · 65 votes
16y
If you have anything with a Negotiator that is basically unmoveable: BPO is too high, doesn't want to see comps or anything else that would support a lower price. Even if you send it in anyway, he just tells you again that he didn't want to see it and that they still need that same number. If you have turned one of those guys around and have it on tape, that's the one I would really like to hear. And for whatever you share, thanks, it's a very generous offer.
Real Estate Investor · Ocala, FL · Member since 2008 · 742 posts · 463 votes
16y
Larry,
I have recorded two(2) different calls into two(2) different Lenders where we discussed the very issues you are talking about. That is a very difficult thing to overcome. You MUST be prepared to supply the Lender with documents to justify the offer. Plus be prepared to send in info from the Listing Agent to support.
Real Estate Investor · Ocala, FL · Member since 2008 · 742 posts · 463 votes
16y
PLEASE NOTE: Before anyone goes out ans starts recording calls. Make sure you have permission. You might be committing a crime in some states. Your best bet is to get signed releases from the parties if you can.
Sorry, but I felt I needed to convey this information.
Residential Real Estate Broker · Payson, AZ · Member since 2009 · 3k+ posts · 1k+ votes
16y
The call is scheduled today at 11am my time (AZ) and as soon as I can edit parts of it (mainly names/address etc...) I'll publish it. I'll create a new thread and link to it probably or just post in the blog section here and let you guys know. Either way, the video(s) most likely will up today.
Dude, great job. Good idea to record this. I'm considering doing this with an actual listing agent who has a listing subject to short sale and getting the deal. I"m an agent so it's a little easier because most of us know eachother by name so I get instant credibility. So far I'm 4 for 4 on calling these agents and getting with them and their clients to sign the short sale package and get rolling. Just a thought for other agent/investors out there or investors that can teach their agent to do this.