How To Select / Interview Short Sale Negotiation Company

Question

What questions should we ask to find out who to work with and who not to work with, seeking a short sale negotiation company

James Ward · Answer

Edwin,

If you are going to Interview a Negotiation company here are a few items you might want to inquire about:

1) How is the personal information of the home owner handled?
2) Who is actually negotiating the Short Sale?
3) How many Short Sales have they received Acceptance Letters?
4) How do they handle multiple Lenders/ Liens?
5) What do they charge and when is payment due?
6) Any Lenders they do not work?
7) Any locations/ states they do not work?

This should be a great start in a interview.  But, also be prepared to be interviewed.  You must be prepared to answer questions posed to you about your experience, knowledge, and business plan.

Make sure that you let the Negotiation Company what you expect of them.  Make sure that you have fully covered everything before you move forward.

I hope this helps get you started!
James

Maryann L. · Answer

Edwin, we JUST went through this and hired a new negotiation company.  Honestly, even though we haven't completed a SS with the NEW negotiator, one of the BIGGEST things for me was communication.  I'm still new at this and need lots of guidance.  The company we hired (here from BP) has been HUGE in helping us even structure our business.  The sheer fact I can email this company and get a response within the hour has been HUGE.  We both explained exactly how we do business and what our roles were and had LOTS of conference calls.  I've tightened up some of my paperwork and even some of my procedures.

I'm slowly trying to move all my files over to the new negotiator and am not so stressed.  So ask for their response time and how they structure their communication with short sale investors.

Ask what happens if you lose a deal.  Ask what they need from you so they can do their jobs effectively.

Good luck.

Bill Patterson · Answer

Hi Edwin,  I would ask:
1.  How many successful short sales have they completed?
2.  How many are they currently working on?
3.  Do they and/or their staff do the actual negotiations?
4.  Talk to them for a while to try to get their measure....do they seem to have the same business philosophy, integrity, etc. that you have?
5.  Ask for references.
6.  Check out their fee schedule and contracts.

This would be a good start.

Bill

Vikram C. · Answer

Edwin, it is better to ask people who have been clients of the neegotiators than to ask potential negotiatiors themselves.  People are quite capable of portraying themselves in a flattering light if they can make some money out of it.

Another option would be to contact BP members James Ward or Scott Hubbard and speak to them.  I have heard from several BP members who have used their services and vouch for it, so you may be able to eliminate the need to do much due diligence if you go with proven people like them.

Jackie Patterson · Answer

James is 100% correct.  We trust and depend on his advice very much!

Jackie Patterson · Answer

Edwin, I would add that a good negotiator will be interviewing you at the same time you are interviewing him/her, and you will be asked to provide references also.

How To Select / Interview Short Sale Negotiation Company

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