How to negotiate short sale with US Bank?

Asked by Sgiarushi92, Saint Paul, MN Mon Feb 17, 2014

I am an agent in the St Paul area and am in the process of selling a short sale. The intention was to use an attorney to negotiate the short sale with US Bank, but now they are telling us 95% of the time banks will reject attorney fees, leaving the fees on the shoulders of the agent. This would be a $750 fee to be taken from the commission. The property is already a low selling property, and we are two weeks in with an accepted offer. At this point, I may have to negotiate the short sale myself if I cannot find a lesser charging option, but have no experience in this department. However, I am more than willing to do so as this will be helpful knowledge in the future. What is the process for agents to negotiate a short sale with US Bank?

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Christopher…, Agent, Bloomington, MN
Mon Feb 17, 2014
Go ahead and try out Kirscher Law firm in Roseville. Email the main processor Rose Phone # (651) 209-8440

Address is:

2489 Rice Street, Suite 75
Roseville, MN 55113

Their fee structure is the best in my mind, and I would disagree with the statement "They are telling us 95% of the time banks reject attorney fees". I have found it to be the opposite, but either way worst case Rose can tell you how much comes out of your commission. I can't remember if it is $500 or closer to the $750.

And Dan is right this is a BARGAIN to you! When I first got into real estate that seemed to be all I did was negotiate my own SS, and you waste so much time doing all the admin junk with the lender. Not only that, but this is not your strong suit then you will be lost trying to understand all the paperwork and procedures that go along with a short sale.

There is something I learned from my first broker which was "don't step over dollars to pick up pennies". Even though you may have a low priced listing I can promise you it is worth the risk to use an attorney.

Good Luck!

1 vote
Dan Tabit, Agent, Issaquah, WA
Mon Feb 17, 2014
After doing dozens of short sales, $750 is a bargain if they do a good job and are successful. I've negotiated the majority of mine and several where I represented the buyer because I had more experience than the listing agent. I now use a law firm and they receive more than this.
If you choose to proceed on your own, you'll spend countless hours on the phone, faxing, scanning and dealing with first level "negotiators" who don't know what they are doing. It's a steep learning curve and I don't advise it. There is a resource that may save you some time and energy that I've linked below.
Just remember the hours you spend on this, you are not gaining new clients, you are putting your client and the sale at risk and you are learning something which hopefully is going away soon and won't be as common as they have been. However you decide, good luck.
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