****This post is related to short sales. A short sale is a real estate transaction where a property is sold, but the liens on the property are negotiated so that they are released from the property for a “short” pay off.
Short Sales are not real estate 101. I would say they are a 300 or 400 level class when it comes to real estate. If you would like more information on short selling a property, buying a short sale property, or investing in short sale properties, go to my real estate website and get in contact with me.
I am new to ShortSaleSuperstars. I have used it as a reference a few times and known about the site for over 6 months, but just decided last week that I need to get involved more with internet blogging for my real estate business. Since I specialize in negotiatiing short sales, I thought it important that I join networks online that pertain to short sales. It looks like this is the best there is, so I am diving in 🙂 – I will do my best to comment on as many questions and forum posts as I can, and I would hope that people would reach out to me with their short sale issues. I love helping other agents get their deals approved, at great terms, and with full commissions. Lately, I have been getting 8% on most of my short sales. While most agents would probably tell you that this cannot be done, or isn’t legal, it simply requires some knowledge and information. Anyways, on to the topic of my first post….
While attending a short sale seminar in Las Vegas last week(shoutout to ShortSaleGenius and Trent Chapman), I observed that many agent’s/negotiator’s questions all sounded very similar:
“I have this weird short sale….”
“I know but the bank told me…..”
The solution to almost every single question is the same, ESCALATE! More specifically, get the RIGHT message to the RIGHT person at the bank.
It is always about the numbers. Getting the right message to the right person will mean you are going to very “high-up management.” When you get to this level at any bank, the mind-set of the person who are communicating with is solely about the numbers. They want to know what the value is and what is their net. If you have run the comps and you know that your value is in line, then you simply need to get the message to the right person, and explain to them that they will lose a lot more money if they foreclose on the property instead of accepting your short sale offer.
Remember, it’s not personal, and it’s not emotional. The bank wants as much money as they can, that is the name of the game. Your job as a Realtor/Negotiator is to make sure the numbers get communicated to someone at the bank who has the authority to make the right decision.