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Answers (7)
- SteadyState
- Contributions:787
So many agents present themselves as great negotiators why do REAs get stymied by a representative of the bank/lender.
- Angela Hardy, "AngelaHardy"
- Contributions:339
A short sale negotiator is an expensive fly in the ointment of a short sale transaction. They do the job that the listing agent should be doing - and they charge a high price to do so.
If agents do not want to negotiate a short sale they should not list them!
If agents do not want to negotiate a short sale they should not list them!
- wetdawgs
- Contributions:26853
@Hugh: Welcome to Zillow. Have you had a chance to read the "Good Neighbor Policy" about posting in the advice section? The reason I ask is because I noticed that most of your posts since you joined us have "edited by Zillow moderator to remove contact information" (or similar) in the text.
With the Good Neighbor policy, it may be necessary to scroll down because the critical bit that newbies often trip over is (at least on my screen) in the lower right corner below what is visible when it first opens. This is what it says "Spam, advertising, or self-promotional content is not allowed in Zillow Advice. This includes, but is not limited to, any contact information such as phone numbers, email addresses, or website URLs"
Welcome aboard.
With the Good Neighbor policy, it may be necessary to scroll down because the critical bit that newbies often trip over is (at least on my screen) in the lower right corner below what is visible when it first opens. This is what it says "Spam, advertising, or self-promotional content is not allowed in Zillow Advice. This includes, but is not limited to, any contact information such as phone numbers, email addresses, or website URLs"
Welcome aboard.
- Hugh Oake, "hud_va"
- Contributions:81
A A short sale negotiator is a person other than yourself that will deal with your lender when you have an offer on your property that isn't enough to pay off the balance of the mortgage owed.
Hugh Oake
[edited by Zillow moderator to remove contact information. Good Neighbor Policy describes posting rules]
- Carole Tyne, "Carole Tyne"
- Contributions:142
good answer mike
- Mike Leyden, "leydenrealty"
- Contributions:61
Typically, this phrase refers to a third party that will negotiate with your lenders on your behalf. Usually, these negotiators charge the bank a fee, one which some banks won't pay. Negotiator fees are in addition to regular real estate commissions. When a bank won't pay either the buyer or their agent or the listing agent has to pay it.
I am not convinced of the value of short sale negotiators, I think they get in the way for a fee. Use a listing agent who will negotiate with the bank of your behalf, make the listing agent earn his/her 3%. Banks prefer dealing with a listing agent since they only have to pay one commission and they only have to speak with one person.
Some short sale negotiators will give you legal advice, many won't.
Get legal advice from a lawyer who is independent & neutral. Ideally, you can scrape up $500 to pay for a lawyer to give you objective guidance but, if not, you can find one who will talk to you via a reputable source such as DFI or HUD.
WA short sale seller advisory
http://www.dfi.wa.gov/consumers/pdf/short-sale-advisory.pdf
I am not convinced of the value of short sale negotiators, I think they get in the way for a fee. Use a listing agent who will negotiate with the bank of your behalf, make the listing agent earn his/her 3%. Banks prefer dealing with a listing agent since they only have to pay one commission and they only have to speak with one person.
Some short sale negotiators will give you legal advice, many won't.
Get legal advice from a lawyer who is independent & neutral. Ideally, you can scrape up $500 to pay for a lawyer to give you objective guidance but, if not, you can find one who will talk to you via a reputable source such as DFI or HUD.
WA short sale seller advisory
http://www.dfi.wa.gov/consumers/pdf/short-sale-advisory.pdf
- John Stewart, "nwhome.us"
- Contributions:2166
Not always a good thing.
What is a short sale negotiator
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