Coaching
For effective short sale negotiations, get good walking shoes
Coaching
Disputing a property’s value in a short sale: turn a no into a go
During a short sale, there may be various obstacles, with misaligned property values ranking near the top, but it doesn’t have to be a dealbreaker!
Coaching
Short sale standoffs: how to avoid getting hit
The short sale process can feel a lot like a wild west standoff, but there are ways to come out victorious, so let’s talk about those methods:
Coaching
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Short sale approval letters may look like they’ve been obtained simply by experts, but it takes time and doesn’t just happen with luck.
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sfvrealestate
July 26, 2011 at 11:50 am
Sorry, Melissa, I'm not buying it. I've done my own short sales, too, and have used pro negotiators on some as well. (And I've always had pleasant experiences with bank negotiators, believe it or not.) First, re the banks hiring hundreds of negotiators: they've had three years plus to do this, plus lots of TARP money to do it with. At this point, there should be no excuse for banks to not be fully staffed-up with well-trained people who have manageable work loads.
Second, as far as missing info: the banks are creating that info. There's no reason for them NOT to be able to educate their employees.
Peter
July 26, 2011 at 4:57 pm
Most of these employees that service short sales are paid $10-12 an hour to handle a transaction that can either greatly aid families or ruin them. Having connections with higher-ups within banks greatly help in successfully executing a short sale. An expert negotiator should have these connections and should be able to deal/work with those employees that lack the proper incentives to handle each individual transaction with effort.
John Michailidis, GRI, CRS, JD
July 26, 2011 at 9:50 pm
The undeniable fact is that the criminal banking syndicates are guilty of massive and systemic fraud, which has bankrupted this country. I have no sympathy, ZERO, for such blatant criminality.
The housing catastrophe is 100% the fault of banksters and their supporters in Washington — take a walk in THOSE shoes . . . the PEOPLE's Shoes.
Arthur Chatroo
July 26, 2011 at 11:45 pm
Do you want to know the real reason why short sales are so difficult and take so long? Then read the October 2009 Report published by the National Consumer Law Center (a non-profit organization) entitled: "Why Servicers Foreclose When They Should Modify And Other Puzzlers of Servicer Behavior" Its posted on their website at
nclc.org/images/pdf/pr-reports/report-servicers-modify.pdf. I also suggest reading the trascript of a speech given by Federal Reserve Board Governor Sarah Raskin in November of 2010. (The transcript can be found at: federalreserve.gov/newsevents/speech/raskin20101112a.htm) As noted in the NCLC report and in Sarah Raskin's speeck, loan servicers make more money the longer it takes for a short sale (or a foreclosure) to be completed, and they tend to make more if the loan goes to foreclosure than if it is modified. Quite frankly, I believe that the reasons that have been given by loan servicers (inlcuding the major banks who only own 10 to 20% of the loans that they service) have simply been attempts to cover up for what is really going on. Many of the issues they have raised are matters that are well within their control (i.e, staffing, training, and the form over substance complexity of the short sale and loan modification processes.) Also, in case you didn't know, loan servicing seems to be a very profitable business. In September of 2010 OcWen acquired HomeEq (another loan servicing company) for a price that was reported to be $1.3 Billion. (See housingwire.com/2010/09/03/ocwen-closes-homeq-buy-more-than-1000-job-cuts-possible.) Enough said.
tabjohnson
August 3, 2012 at 8:47 am
A short sale is almost as damaging as a foreclosure to a consumer’s credit. The sooner the foreclosure is consummated the sooner the consumer can renter the housing market. By the time a short sale is completed, the borrower would be well on their way to restoring their credit. As noted, short sales are just political eye wash and are very profitable for the servicers.
” Mr Wall Street Bankster, do you want the keys or should I leave the house open?”