Anyone who has participated in a short sale knows that it can be highly stressful and that it is not always a quick process. The fact is processing a short sale efficiently takes a lot of experience and is continuously changing.
ARE THERE COMPANIES THAT PROVIDE SHORT SALE NEGOTIATORS?
There are individuals and companies out there who offer the service of processing a short sale on behalf of the agent/homeowner. Some of the individuals/companies out there have tainted the idea for most agents who have considered using a third party negotiator due to their poor business ethics and even worse communication; In some cases the short sale processing position is also the most important part to the whole puzzle with communication being key. The reality is, escrow officers, title representatives, and many of these amateur negotiators are inexperienced. They lack the proper knowledge and care that a transaction of this sensitivity needs. A professional negotiator knows the urgency of the transaction and see’s the servicers as machines with many living moving parts; With more parts comes more potential hold-ups. A short sale negotiator should be like an experienced mechanic who can spot potential malfunctions in the system and who can make the necessary repairs on the run; If needed. Here are some common reasons that agents feel they do not want to use third party negotiators.
1st – I don’t want to give up my commissions!
At a 1% fee upon closing, like most short sale processors, we work with many of the top 5% producers in the United States in real estate sales. If there is one thing they’ve taught us is that there is no money for them behind a desk or chasing people around the bank; They make their money prospecting. To us the concern over the commissions is a mindset of limitations. If the average short sale can take dozens of hours it comes down to what is your time worth.
To add fuel to the fire investing possible hundreds of hours into a deal that eventually collapses also devalues your over all efforts. Why do all the “behind the desk” work when someone could do it for you? What rings true is the analogy of an agent processing their own short sales is like Tiger Woods not using a caddy.
2nd – I can do a better job myself!
This may be a true when the agent is compared to an amateur. Who wants to let an amateur take the shot when the game is counting on it? Not I and I can bet not many out there would. Why do something yourself when you can let someone who truly excels at it to do it for you? With the right dedicated professionals on your team you will be more successful and with more time to do other necessary tasks to build your business.
3rd – The 3rd party negotiator is just as hard to reach as the banks negotiator!
The problem here lies in the individual negotiators inexperience and the fact they are not putting themselves in someone else’s shoes. During the process there is nothing worse for the deal than to be kept in the dark. We know that communication is KEY with dealing with the agents and the lenders.
You need to do research and interview the negotiators you are potentially handing off your valuable transaction to. We know you want to be in control of your transaction, but a company that truly handles short sales has a system of checks of balances. A system set up to have multiple pairs of eyes and hands working and reviewing the file, ensuring that nothing falls through the cracks.
If you a feel dedicated and experienced short sale negotiators in your corner could help take your business to the next level fill out the form below or contact us here.