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Negotiation Station

Having closed over 100 short sale transactions I am happy to lend advice and tips on how to get your short sale approved. Is your Seller scared and not sure what to say, is the bank unresponsive or do you have a difficult task? Feel free to ask!

Members: 226
Latest Activity: Jun 19, 2013

This group should be general forum to discuss various negotiation stratagies, experiences, and techniques...

Lets talk about how to get deals approved super fast on this group!

Ethan Gregory is the lead processor and negotiator for First Coast Realty Associates in Jacksonville, FL. for Mike Linkenauger's local listings.

Discussion Forum

Short sale with outstanding judgments

Started by Susie Genet. Last reply by Stephanie Greer Sep 18, 2012. 3 Replies

I have a client who just contacted me about short selling a duplex that he owns.  He has recently had a number of financial issues and as a result has 2 judgments as liens against this property for a…Continue

2nd mortgage holders

Started by Sheri McBride. Last reply by Janice Wheeler May 10, 2012. 8 Replies

Need help "yesterday" on negotiating with a company that says they purchased the Taylor Bean Whitaker 2nd on a home that we are trying to close. Original note was for 25,500, and they will not take…Continue

Working with Seterus and the National Group

Started by Ethan Gregory Mar 28, 2012. 0 Replies

Watch out when you work with Seterus!! They may refer your short sale file over to a company called The National Group. They don't tell you when the file is referred over to them but at the time they…Continue

Tags: commission, processing, fee, mae, fannie

Green Tree contact says they won't negotiate promissory note until after close.

Started by Bert Walker. Last reply by David A. Roebuck Mar 23, 2012. 3 Replies

Green Tree 2nd on my non-owner occupied condo short sale states they can not negotiate until after the short sale is complete.  I understand them reserving the right to come after me for the amount…Continue

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Comment by Jill Eastman on January 3, 2013 at 2:01am

Hi Ethan,

I am listing a short sale tomorrow 1/3/13 that has a sale date of 1/10/13. Duestche Bank is the servicer, do you have any high level contacts that can help me get the sale postponed?

Thanks a bunch!

 

Comment by Lonnie Workman on August 17, 2011 at 7:14pm
My approved MetLife short sale was just transferred to Nationstar.  They have agreed to honor the short sale acceptance letter from Metlife (per Metlife).  Today our appraisal came in $5000 short.  Does anyone have experience with Nationstar?  We can't talk to them until at least the 22nd as the files are not yet in their system.
Comment by Angela Alfe on March 22, 2011 at 12:07pm
Phyllis, we go to the buyer and see if they are willing to bring cash to close.  If it's the MI buyout, you can guarantee that if they are not paid, then they will not approve.  We tell our buyers to be ready to bring cash to close before we ever accept their offer...so they are ready for this.  Hope you got it closed!
Comment by Phyllis Currie on January 17, 2011 at 6:51pm
I am trying to work with LBPS....  before they will present our offer to the investor, they want the seller to commit to 100 oper month for 79 months ($7900.00) for mortgage insurance settlement, or $3500.00 in cash at closing.. The seller has no money....any ideas?
Comment by Rosario Vega on June 23, 2010 at 8:24pm
Lisa, I think your negotiator is somewhere out there with my negotiator!! She is also really bad, I send her message after message and no reply, not even a message asking me to stop bugging her!!! This file has been with equator since March and was previously with Titanium Solutions (they are worst), going on 8 months!!! They accepted our counter, all I need is full approval from investor and MI company and still nothing. Cash offer (funds waiting in escrow, all we need is an approval letter)!!!!
Comment by Lisa Allen, CDPE, SFR, CSSG on June 23, 2010 at 1:03pm
I've emailed ALL parties in Equator and via phone to the short sale department. I also escalated via the CEO's office (Executive Escalation) which is the highest priority escalation...still nothing.
Comment by Angela Alfe on June 23, 2010 at 12:26pm
How are you escalating these files? Are you emailing all parties in BOA Equator?
Comment by Lisa Allen, CDPE, SFR, CSSG on June 23, 2010 at 11:48am
I have a BOA short sale in Equator since March 8th, 2010. Supposedly sent to Freddie MAC for approval on May 13th, 2010. Still have not heard a thing from BOA. I've called EVERYDAY since June 2nd. I've done 6 Escalations and now 2 CEO Escalations. No word from the Negotiator since May 13th! I just called Freddie Mac and they said that all responsibility for approval has been given to BOA on this file. What?!?! What is going on with BOA here? Is my negotiator sick, on vacation or even worse...dead?!?! Any suggestions?
Comment by Angela Alfe on June 23, 2010 at 11:27am
The only thing that I would suggest is to wait until the BPO falls out in 90 days. If your buyer is willing to wait...if not, then I would suggest pulling every single comp and sending it (75 pages? Who cares!) along with a listing history showing the length of time it was on the market and the price that it was listed at and for how long.

And, I would tell the buyer to go ahead and order an appraisal...it certainly won't hurt.
Comment by Michael Baker on June 23, 2010 at 9:51am
Was just declined on a Short Sale with Chase. Citing valuation from a recent BPO. Property has been on the market 2.5 years, three offers only ($500,000 - $550,000) and BPO used a commercial property and a property nearly 5 miles from the subject to arrive at a price equal to the current asking price ($795,000) I have been unsuccessful in getting them to reconsider the BPO, buyer has even offered to pay the cost of a full appraisal. If it were worth $795,000 somebody would have offered that in the past 6 months? Buyer very frustrated that it took 2.5 months to get where we are. Any advice is greatly appreciated.
 

Members (225)

 
 
 

Discussion Forum

Short sale with outstanding judgments

Started by Susie Genet. Last reply by Stephanie Greer Sep 18, 2012. 3 Replies

2nd mortgage holders

Started by Sheri McBride. Last reply by Janice Wheeler May 10, 2012. 8 Replies

Working with Seterus and the National Group

Started by Ethan Gregory Mar 28, 2012. 0 Replies

USAA on the 2nd Lien

Started by Susan Paul Apr 5, 2011. 0 Replies

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