How To Choose Who To Negotiate Your Short Sale

How To Choose Who To Negotiate Your Short Sale

If you owe more than your house is worth, and are behind on your payments, and you realize you can no longer keep the house, you have made one important decision –getting out from under the burden the house is creating for you. However, you have several more decisions to make!

How are you going to get out from under the burden of the house when you owe more than it is worth? The easy answer is that you may be a good candidate for a short sale. A short sale is when your lender agrees to take a discount on what is owed on the house so it can sell. It involves negotiations with the bank and lots of paperwork. Most sellers are already overwhelmed and seek a third party to handle this for them. Who should you trust? Here are two real life options.

Some REALTORS® will offer to do short sales for you. Their process can range from:

  • REALTOR® #1 whom I talked to yesterday who simply sent in a Authorization to speak to the bank. Now this agent is just waiting for the bank to tell her what to do. She has done a few short sales and has been successful on some of them with little experience and even less training.
  • REALTROR® #2 handles about 25 short sales for her whole office. This is on top of being a full time REALTOR. Her approach is to spend one full day a week to work on all the files, calling all the lenders, or doing whatever is needed to happen next.

There are companies who specialize in short sale negotiations. The process I am most familiar with looks like this:

  • There are two full time negotiators on staff with a combined experience of 10 years negotiating short sales. Yes they are trained, but more importantly is the 10 years of real-life experience.
  • The lender for every case is routinely called at least twice per week, often daily when negotiations are particularly critical.
  • At the start of the negotiation, a package is sent to the lender that routinely is over 40 pages of everything that the lender is likely to need to expedite the review.
  • A Case Manager is assigned to each case to provide updates to the seller and answer all questions.

You may have guessed that the last scenario is us! We take great pride in what we do and what we have accomplished (success about 80% of the time vs. the national average of 10%). We do not charge the seller facing the Michigan Foreclosure any fees, and we keep all information confidential. Give us a call to find out if a short sale is right for you and if we are the right company to help you get your short sale approved so you can get back to better times. I already know who you will decide to pick to negotiate your short sale.

Ann

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