I have now decided to offer my seller an negotiator to handle the bank.

I feel that my time is best suited for selling and listing real estate not taking up my time fighting with the banks that do nothing but put you off. The negotiator I have turned the files over too does this all day long. I really think the banks are hurting themselves with not working with a short sale and taking forever to answer an offer. Having first time home buyers that want to get the first time home buyers credit can't wait for the bank to make a decision to see if they will take their offer. They will miss out on getting the credit. We would have a whole pile of listings sold if they work in some time frame.

My last SS listing with BAC made me swear off of doing my own negotating. I now use a SS team to do all my negotiations, and as you put it, leaves me time for listing and selling versus the fighting I was doing. No more daily phone calls to people - somewhere - that knew nothing from the previous conversations, couldn't find notes from previous conversations, 3 different negotiators who knew nothing from each other.......watching as property value dropped each and every time I was assigned a new negotiator, being told the file had been closed - huh??? No more, my team does a great job and I don't have to worry while I go on to doing what I do best!!!

How do I locate a competant and professional ss negotiator and do you pay up front fees?

Where are you located? I'm in Southern California. My team requires no upfront fees and two others that I know of don't either. Lawyers also do negotiating on behalf of their clients - the one SS that i am closing at the end of this month has been with the sellers lawyer and he is getting paid upon closing. The one major difference I have found is the fees. They range anywhere from 1% to 2.5% of the purchase price - with the higher fees belonging to the lawyers.

Bradford,

I do negotiations in most states in the US. However I know of a great negotiator that is in Atlanta that would be perfect for you.

Send me a message and I will get you her contact info.

Just got one approved by them today that was submitted on Dec. 1. Will be 4 months to closing.

hi all,

I have an age old question . property is 410000, offer came in last August for that price w/an 11k credit. Indy Mac first approved all in 1 month!!! and 3k to the BofA 2nd.... was with a "real person" til end of Dec then it went to Equator...start over. Indy Mac extended their approval AND sale date 3x then said no more...went to courthouse the day of sale to discover somehow, someway it had been extended again. Still don't know who did it but not looking at a gift horse in the mouth. NOW after countless emails, phone calls and escalations we get a "counter" from BofA. They want 11k on their loan NOT the 3k Indy Mac is willing to give. Ok no problem, buyer will come up w/the extra 8k. then WHAM, Indy Mac (Freddie Mac) will not ALLOW more $ to the 2nd... 3k or foreclose! So Bof A is out, gets the goose egg as do the agents who've worked countless hours (me) for 7 months. Anyone know who I can go to in order to get Bof A to see the light???

Ugh. This kind of stuff drives us all crazy I'd guess. Can I ask... is the second a recourse loan? I'm assuming it is as B of A is saying they'd rather get 11k or pursue your client later than to settle for 3k. Indy is saying, we know we can wipe them out in a foreclosure so we're not paying them any more $$. If it is a recourse loan, then B of A will get nothing in a foreclosure from the first, but by letting that first foreclose they are retaining their right to pursue your client later. If this is not a purchase money , non recourse second, you may not have a leverage unfortunately. (I'm not an attorney though, so my opinion only).

Unless you can get your negotiator on the phone and ask for another option or settlement, or note for the balance of the 11k. Be sure that your client has sought the advice of an attorney at this point, there are a couple directions this can go for them and you need to be sure they know their options.

hi Catherine,

it's a HELOC 2nd, not a purchase money note!! Bof A (2nd &Heloc) just offered my clients a 10k note 10 yrs 0%. he's "thinking" about it... sheesh!

any advice you have for me to give my clients would be appreciated even tho I've done 30 or more shorts, this part is a first for me!

email off line if easier...gaelg@homesbygael.com

If you have a BofA HELOC on a short sale expect every time for them to demand 5% of the net offer. Also after they review the sellers finances they may ask for cash or a note at closing. Otherwise expect the approval to be a release of lien only. you must address this fact in the beginning to determine where that money is coming from. Most of the time it is going to be more than the 1st mortgage will approve from the purchase price.