February 16th, 2010 11:40 AM by Dave Gubler
Tough Question! There are a handful of good companies providing a great service to listing agents. Unfortunately there are many that simply obtain the components of a short sale package, submit it to the lender, and then cross their fingers and wait. This is NOT short sale negotiation! If that is all they are doing then we need to use different nomenclature... they are then merely a short sale facilitator or processor.
The concept of using a short sale negotiator has merit. An experienced negotiator does have a better chance of obtaining a beneficial outcome from the lender(s) than most real estate agents. Why? Because if they really are negotiating short sales in volume then they do have...
1. More experience with lender procedures and parameters.
2. Actual contacts with decision-makers & a bona-fide ability to escalate a lingering short sale transaction.
3. Enhanced ability to maintain persistent follow-up.
4. Effective solutions for rebutting the lenders value determinations, settlement amounts, deficiency judgments, promissory notes, etc.
All short sales will NOT be approved by the lender(s)! Noone can guarantee that! A good short sale negotiator will provide the following to a listing agent and their clients:
1. Reduce the time it takes to complete the transaction.
2. Improve the commission retention rate of the agents.
3. Effectively negotiate better settlements (lower!) and reduce the incidence of deficiency judgments and promissory notes.
4. Most importantly... free up more of an agents most important asset... TIME! Affording agents more time to focus on business development and acquiring more listings.