Secrets to Negotiating Short Sales

Posted by trust

June 17, 2008

Although I often say that a short sale is a long buy theres a lot of money to be made in doing short sales. If you focus on them, Im sure youll become successful but youll eventually get a seller that owes more than the property is worth and is behind in payments. In this situation, lenders are sometimes willing to accept less than the amount owed.

Your first step is to obtain written authorization from the borrower (seller) to discuss loan information with the lender. Next, contact the LOSS MITIGATION department. Negotiating a short sale with the lender is a difficult process because its extremely difficult to find a bank officer who has the authority to accept a discount. Be patient and explain to everyone what information you need to proceed. Like getting your phone bill corrected, you can expect the process to involve a lot of waiting on hold and bouncing around to several automated voice mail systems.

Once you get in touch with the right person, the negotiating begins. To save yourself time in the future, make sure to get this persons direct telephone number and other contact information.

More: continued here - Posted By : Ben Needles

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