We do short sales...we get sooo much satisfaction from closing them...giving people their lives back. We have a team of five people or we would not be able to do the work necessary to give our distressed sellers the service they deserve and continue our practice. We all have different roles and each does what we feel we do best and can contribute the most to getting the transaction closed successfully.
We have learned that loss mitigators sometimes tell different team members different stories....fortunately we all know each other well enough to know that it is not one of us...more likely the LM who is spinning tales. Today
"Beulah" said that she must talk to the sellers and that another team member had agreed....and had all the information she needed...just lacked this "seller conversation." We told her that we were hired by the sellers to represent them....we were authorized, as she well knew, to handle the negotations....hmmmm.....not what she wanted ot hear....We know that when it comes to negotiating....the LM is hoping to find "the weakest link" and prey upon the sellers who are already distraught...who has had their strength zapped by their current hardship situation. If you do Short sales...you'll hear all kinds of reasons why they "have to talk with the sellers"...they do not. If you are a short sale listing agent...you are the designated negotiator....you should have the training...you do have the authority...When an LM tells you they have to talk with your sellers....
Just Say No....and do the job you were hired to do. Save someone from foreclosure.
I love to see short sale teams....you might want to read some of my tips! I do not give them all out, but they could make our break your deals!
"Beulah" is a real piece of work...thank goodness you are there to protect your sellers. Well done!
Beulah is the name I gave lots of people...doesn't it just sound like an out of tune car horn ? It kind of speaks to the personality of the person..hmmmm ?
Now, my understanding is that as an agent we are authorized to discuss the file with the negotiator, but there is nothing that says Beulah and the homeowner can't talk, too. Usually, the homeowner would have no desire to talk to Beulah, but there is nothing to stop Beulah from picking up the phone and making the call. Unless I'm missing something, or Beulah is missing the current phone number.
Now here's a good one from last week: The lender countered an offer on my short sale listing. I presented the offer to the buyer's agent. No response, except for a letter from the prospective buyer's attorney to my seller asking for authorization for the buyer to speak with the negotiator. Are you kidding me? NO!
Beulah is likely to beat the buyers into submission and make them believe it is her way or no way...sorry Beu....just go away !
Sally and David, You really have the client's best interest at heart. I am glad to hear Wisconsin is so well represented. As a WI transplant here in Arizona, we have tons of short sales as well. It's a slow moving behemoth but for those who it helps it's well worth it. Nice post
Thank you Mike...we try to keep the sellers out of harm's way...and that always means, minimizing the contact with the lender when it comes to negotiations...negotiating is not their forte. The University I graduated from in northwestern Wisconsin had a college dean named Rohde...related ?
Back in 1967 I survived Hurricane Beulah as she roared through South Texas. Sounds like your Beulah might have as much wind as that ol' hurricane did.
Beulah is my favorite gal name for fog horn...all talk no real action or the moxie to go with it kinda gals...appropriate for some loss mitigators...ex-wives, nasty neighbors....
Sally and David, I've only worked on two short sales... we just haven't had the situation here that is in a lot of areas. I'm glad that your short sale clients have you!
Thanks Judi....they can be a challenge...and the LM's think that they can run over you and the sellers...oh not.
Short sales are not very common in my area either. I just closed my first and it went very well, they did not ask to speak to the Seller during the entire transaction- which after reading your post I am very happy of.
Glad to hear your first experience was a good one ...the CDPE course is invaluable and you can become the resident expert with los of referrals ...know that no 2 shorts are the same...even if they are with the same lender !