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8 Questions to ask a short sale negotiator upon hiring

Did you just obtain a new short sale listing and wondering what to do next? One decision you will have to make is if you are going to handle the short sale negotiations yourself or delegate the paperwork and phone calls to a short sale negotiator.  If you are looking to hire a 3rd party short sale negotiation company, it is imperative that you know exactly what to ask and why you need to ask those questions. So, to make your life easier, we’ve have compiled 8 of the most important questions to consider during this important decision making process.

 

1)      Are you licensed by the DRE?

  • This question is extremely important to ask anyone who will potentially be handling your sensitive financial information. If the negotiator is charging a fee for negotiation they must be licensed by the Department of Real Estate to do so. Sensitive financial information is being discussed, so don’t just hand your file to anyone.

2)      Are you trained to work with all lien holders and lenders?

  • Every lender is different; therefore it is important to know what you are up against so that you can be prepared for anything. Liens come in all forms, so it may not be the usual Bank of America negotiation. There could be an IRS lien or a lien from a private party. It is important that the person you hire to negotiate your short sale is capable of tackling all of your deficient liens. After all, no one likes surprises in a short sale.

3)      What is your track record?

  • Finding out how successful your potential negotiator is within the world of short sales is vital. Have they lost many homes to foreclosure? What is there approval rate? Find out just how good they are. Obtain proof so that you don’t get blindsided by a foreclosure. Make sure that you are comfortable handing your livelihood over.

4)      Do you have a team that works with you?

  • There are a lot of documents needed to start a short sale. Find out if the negotiator has a support team dedicated to short sales. If the short sale negotiator has more than one file, they could get overwhelmed and let things fall through the cracks. With a dedicated team, they should be working like a well-oiled machine, making sure that every detail is covered and accounted for.

5)      Do you negotiate other liens besides the mortgage liens?

  • As previously mentioned, liens don’t always take the form of mortgage liens. Ask if your potential short sale negotiator will handle liens like HOA, City liens or abstract judgments. You want to make sure that everything is being handled.

6)      Do you know how to dispute a lender value?

  •  One hitch in the short sale process is value disputes. Your lender could indicate the property being valued at a much higher price than you anticipated, creating a discrepancy in monetary relief. So find out if the short sale negotiator knows how to go about solving this problem. Don’t get stuck at a standstill with your lender simply because no one knows what to do.

7)      Do you know what the 2nd lien will expect?

  • This is a very common question for any homeowner. Many homeowners are concerned about having to bring money to the table to satisfy the release of their lien. Your prospective short sale negotiator should know what to offer the 2nd lien to obtain an approval. Many lenders have general guidelines based on the principal balance that is owed. Don’t make the mistake of sending a frivolous offer into the lender as it will only delay the approval process. Make sure your negotiator knows what to do from the get go.

8)      Will the short sale transaction be prequalified?

  • This is a great question to ask, and many times this question is overlooked. Having your short sale prequalified can go a long way. Making sure all financials are reviewing makes sure that nothing will sneak up on you during the negotiation process. Having all the financials match (i.e. bank accounts showing pay stub deposits and regular purchases) will decrease the possibility of lenders questioning the information.

Here at Short Sale Experts INC we are dedicated to the short sale process. We have an incredible team that will assist you the entire way through the transaction. Our wonderful processing team will make sure the correct documentation is being submitted to the bank. Our incredible short sale negotiators will get you an approval so fast you won’t even believe it. All the while, we will answer your questions and keep you updated at all times. Effective short sale negotiation is our passion, and debt relief is our goal.

Call one of our licensed negotiators today! 888-746-7820

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Short Sale Expert

Encore Real Estate Group
CA DRE Lic. #01883210

Broker: Troy Anthony Huerta
Agent: Leon Cook
CA DRE Lic: #01028204
CA DRE Lic: #01866021

925 B Street Suite 102
San Diego, CA 92101

Phone: 1-888-746-7820
info@ShortSaleExpert.com