Lets do a poll here
Casting your vote below can be as easy as saying below "We prefer to use outside companies to negotiate our short sales" or "Heck no, we do it ourselves or have an assistant or designated person in the office negotiate them".
Most of you know my personal stance for The Short Sale Specialist Network, and that we require all of OUR referrals to be worked in house, but MOST of the people on this forum do NOT receive listing assignments from us! I want to hear what YOU prefer to do with you short sale files, and for agents who DO receive listings from us, what do you do with your other files??
***Update 9/1/11 - I was at the REO Expo in Dallas a few months ago. An agent asked a panel this same question. I watched David Sunlin (Loss Mit Pres. for BOA) say "An agent should NEVER, EVER use a 3rd party company to negotiate their short sales". I then watched the head of Loss Mit for CITI and the department head for Freddie Mac who were sitting next to him both shake firmly their heads YES in agreement. Regardless of what the 3rd party negotiation companies say, or what would now appear to be only a small percentage of agents say, 3rd party negotiations aren't needed or wanted in the transactions.
Here are some video testimonials for our Short Sale Lead Machine websites from just a few of the agents who are utilizing them! More coming soon...
Do it myself...I have control issues and need to know what is happening at all times. No third party would be able to deal with me.
No, IN-HOUSE negotiating. I know the borrower/property better than the 3rd party
I do not have any specific preference...a successful outcome requires a good negotiator - whether in house or third party. HOWEVER, I am counsel to two of the biggest banks in the country and I can tell you that internally, they prefer 3rd party negotiators and there are reasons for this. I know that there have been statements to the contrary by representatives of banks...but the lenders do prefer 3rd parties/..
Paddy Deighan JD PhD
I'm curious your reasons..
A) 3rd party negotiators presumably do nothing but negotiate, making it easier on the lender's employees than dealing with an agent who's never done a short sale?
B) they don't trust the real estate agents?
I cleaned out my in-box over the weekend. How did your QT webinar go? I'm sorry I missed it.
The reason is simple: Third party negotiators are usually more experienced than some agent who took a three hour webinar and now is an "expert." The VP of Short Sales for BoA told a group of agents that 60% of their pipeline would never close due to agent errors. Everyone loves to blame the banks, but the logic does not bear out. We are constantly told by lenders that we are a pleasure to deal with because we understand loss mitigation procedures and guidelines, and our packages and submissions are flawless. This saves man hours for the lender, and that ultimately saves them money.
I was doing short sales before you were born, and am not a 3rd party and am told all the time my submissions are flawless.
Some States have laws which do now allow Realtors to negotiate their own short sales. It is really unfortunate that so many people have had horrible experiences with 3rd party facilitators. For the people who have "assistants" you may want to make sure your assistants hold the proper license to be negotiating short sales. Per the S.A.F.E Act the only people who should be negotiating short sales are licensed loan originators. There is way too much grey area in short sales and a lot of people don't even know a license is necessary (depending on what state). As the owner of a 3rd party company whom faciliates short sales I stop at nothing to get my short sales closed and also keep very extensive call logs on every conversation I have with the lenders, sellers, and agents. I call on every single file I have every day and I send every conversation I have with the lender to the sellers and agent to make sure everyone is in the loop and always knows what is going on. This is in no way promoting my company but just saying there are very reputable 3rd party companies out there. The Realtors I work with have no complaints on my services and have more time to market more and in turn bring in more business whether it be short sales or regular sales. Thanks!
OK - I'm going to put myself on a skewer here. In the past, I've processed ALL of my short sales; however, recently I've handed over a FEW of my files to ATC Financial out of Baltimore. Ben Benita, who many of you know from the cruise, recently moved to ATC Financial and is now a Senior Negotiator with the company. I had the opportunity to visit their corporate office a few weeks ago, and it is QUITE an operation. They have the processing down to a science. I will still continue to process many of my files myself, but ATC is a fantastic operation if you ever have a challenging file or want to give using a 3rd party company a try. They negotiate their fees directly with the bank. The buyer, seller, and agent don't pay a thing.
Wasn't aware that Ben moved...
Still, remember, ALL SSSN assignments MUST be processed in house!
Several of our agents have worked with Ben and we hear good stuff.
I'm staying out of this, unless I see a scammer on here blatantly advertising their services or something.
Mike, are all of yours in house then; meaning, the agent submits everything with your counsel? or; do you submit everything and keep us posted?
ALWAYS do it in-house. The short sale negotiators in our market don't realize that by charging the BUYER thousands of extra dollars to work the file, they are actually hurting the SELLER as their CLIENT. Most buyer's of short sales don't have the extra cash to throw at the negotiator along with the down payment and closing costs.
I negotiate all of my short sales myself. I work with a team that we have closed over 200 short sales in the past 2 years. Communication is lost with 3rd party negotiators and the process is much slower. I am totally hands on.