Who is the Best Short Sale Processing Company?

Asked by Mark Antonowsky, Phoenix, AZ Mon Apr 28, 2008

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58
Tom Jones’ answer
Tom Jones, Home Buyer, Fredericksburg, VA
Mon Nov 14, 2011
shortsalecenter.net is an excellent company! Professional, friendly, informative, and easy to work with. Just check out their testimonials page to see comments from other satisfied customers. They do not charge you a dime and only get paid if they complete the process with the financial institution who holds the mortgage. They work with local real estate agents to expedite the process and are experts in all of the opportunities when dealing with a short sale. Go to Http://shortsalecenter.net and contact them for more information. They also have an excellent FAQ section with more information about short sales
Web Reference:  http://shortsalecenter.net
3 votes
Tmorato, , Louisville, KY
Wed Jul 18, 2012
Short Sale Assistance Program is the best processing company out there by far. We have used them over 50 times since last year and they have closed every deal. They answer their phone, I found that to be truly amazing. They have a system that lets all parties go online to get updates. They are truly an asset and have made me the number one short sale agent in my area. I am now flooded with leads as SSAP has made me look really good! http://www.shortsaleassistanceprogram.org
3 votes
Tmorato, , Louisville, KY
Mon Sep 10, 2012
Short Sale Assistance Program is by far the best for me they closed ANOTHER short sale for me and continue to be the best in communications as well as their online system. Don't take my word for it, call Nick Curcio he is the President and always makes sure he has time to talk to me. If he is busy he usually returns my calls withing the hour. How many other companies do that? Do you?
1 vote
Hope Advice, , Gainesville, FL
Fri Sep 10, 2010
Here is a good web address for more information on short sale processing companies
http://www.hopeadvice.com
1 vote
Merribeth Bu…, Agent, danville, IN
Thu Aug 25, 2016
Security Title does an awesome job in Indianapolis!
0 votes
warriorinves…, Home Buyer, Chicago, IL
Fri Aug 16, 2013
If you live in the Chicagoland area I had a very good experience with http://www.saveyourhomechicago.com They were able to get me $20,000.00 cash back at closing. Something my lawyer, who was working on the short sale said was impossible. I didn't have to pay any money out of pocket, for anything, which the law firm was going charge me a retainer.
0 votes
Real Estate…, , Temecula, CA
Mon Feb 4, 2013
Real Estate Paper Pushers only does Short Sale Processing and Transaction Coordination. Some of our team has been doing it for over 6 years now.

We are licensed and 100% compliant for the State of California. We can not process out of state transactions.

Other companies charge outrageous fees, we don't. You should take a look at our website and learn more. Our service is 2nd to none, our communication is done via email updates and also you have access to the system 24/7 via our web portal. We do not typically charge the listing agent either, read on our website how you can have your short sale processed without loosing any of your commissions.

HTTP://REALESTATEPAPERPUSHERS.com
0 votes
Josh M. Boggs, Agent, San Antonio, TX
Tue Dec 11, 2012
Hopefully you found Kevin and Fred with Group 4610 right there in PHX and never had to have the unfortunate experience of dealing w/ a third party processing company anyway... this was done in 2008, ask how many successful 3rd party SS negotiation companies are out there now... the banks have caught on
0 votes
Sharon Drisc…, Agent, Jacksonville, FL
Thu Oct 18, 2012
I'm a Certified Distressed Property Expert in Jacksonville, FL. I'm not going to give you a percentage, but I stay on track and when my sellers cooperate with me and the lender we get a response. Most of the time we get the lender's approval and we close. A promissory note is requested when the lender examines their financials and sees that they can afford to contribute. I will challenge the promissory note if my seller feels they cannot contribute, but truthfully the promissory note is a smack on the wrist compared to the full shortage. I will not advise my seller to accept a promissory note and then not pay in the future. I will not advise my seller to stop paying thier mortgage payments. I assess the situation as to loan modification, short sale or deed-in-lieu. I've had the loan modifications work only if the seller's still have some money coming in. I've advised a deed-in-lieu only if we couldn't find a buyer. I can't promise anyone will make an offer on the house. I set the listing price at the just market value, notify the lender to discuss the condition of the property as to whether it'll get an offer at the listing price. I actually pick up the phone and talk to the seller's, lenders, buyer's agents and anyone else that'll be tied to the transaction. Most importantly if the sellers and I are to get lender approval the sellers need to be in full cooperation and honest with their lender. I advise my sellers to not take the kitchen cabinets, appliances, carpet, wood floors, or make drawings or comments on the walls, through trash in the yard or leave trash in the house or their dog.
I've already studied the new Short Sale/HAFA II short sale guidelines starting Novemeber 1, 2012.
I'm an honest agent looking for honest sellers in a distressed market believing that character still counts.
0 votes
Devona Garri…, , Beaumont, CA
Fri Sep 14, 2012
I'm not sure about Arizona, but the best short sale agents in California are Garrigus Real Estate, of Coldwell Banker Kivett-Teeters, but I guess I'm biased! :)
0 votes
Tmorato, , Louisville, KY
Wed Jul 18, 2012
Short Sale Assistance Program is the best processing company out there by far. We have used them over 50 times since last year and they have closed every deal. They answer their phone, I found that to be truly amazing. They have a system that lets all parties go online to get updates. They are truly an asset and have made me the number one short sale agent in my area. I am now flooded with leads as SSAP has made me look really good!
0 votes
Stevehall, , Kentucky
Thu Mar 1, 2012
ShortSaleAssistanceProgram.org is the best company out there. They do not get paid if it does not close and the real estate agent keeps their full commission. They process short sales NATIONWIDE and they get the files approved in a timely manner putting the seller in the best position possible at the end of the process. They have a 90% approval ration and an online system which allows me to track the process of all my files. The buyer and seller has access as well this way it eliminates phone calls where they ask me for status updates. My hat is off to the associates of the Short Sale Assistance Program.
0 votes
Newell Rineh…, Home Owner, York, PA
Tue Nov 15, 2011
Tom_in_pa is right, shortsalecenter.net is the best company I've found, even after almost a month and a half of research. Their FAQ page answered all of my questions so that when I contacted them, I was already well informed about how short sales work, and they were very friendly throughout the whole short sale process . I would recommend them to anyone.
Web Reference:  http://shortsalecenter.net
0 votes
Edward Aretz, Agent, Princeton, WV
Fri Sep 2, 2011
With all due respect to the previous post, there are really bad negotiators and firms and title companies that do them. I specialize in doing short sales and have our negotiator on one hand, and whoever the seller uses on the other. It is generally night and day, although there are a handful of agents who do them themselves and outsiders who are ok. I have used Short-Sale-Negotiations.com and have closed almost every one. They communicate and have overcome many a problem. this can take time, but they are persistant and resourceful.
0 votes
Kevin Olson,…, Agent, Colorado Springs, CO
Fri Sep 2, 2011
Mark,

There is no way to determine this because of all the variables. You can't even go by the close ratios because some companies have figured out which ones are a lock and simply go after those rather than take on some of the harder ones that aren't so clear cut. Also, the best will vary depending on whose standpoint (the seller, agent, and lienholder all have different standpoints).
0 votes
Christen Ken…, , Louisville, KY
Fri Sep 2, 2011
I have had much luck with SSAA (Short Sale Association of America) they allowed me to send unlimited amounts of short sales, and even had multiple other features that increased my business, and opened up A LOT of field time for me to make MORE MONEY! I hope you find them as resourceful as I did! :)
Web Reference:  http://ssaaprogram.org
0 votes
We agree this company seems to be out of business and continues to debit our account for $148/month. Via there website we have requested cancellation of services, but they have continued to deduct their subscription. a hassle we had to go in person to our bank the block their future deductions
Flag Thu Nov 14, 2013
DO NOT USE THIS COMPANY! They are SCAMMERS and owe a lot of people money for not making good on contracts.
Flag Thu Nov 7, 2013
Russ Knapp, , Roseville, CA
Thu Jun 23, 2011
has anyone used a company that was not licensed in their state to negotiate or process their short sale? if so, does your state department of real estate allow it?
0 votes
Danny, Renter, Florida
Fri Jun 10, 2011
Asset Realty Solutions in Melbourne, Florida did the most professional job imaginable on my short sale.
0 votes
Short Sale G…, Home Seller, Detroit, MI
Mon Apr 4, 2011
Sterling Title Agency in Michigan has a great network and team of professionals and attorneys to walk sellers through the process. One key part of a short sale is the communication between all parties involved and they have it down to a science, the online 24/7 software is a great communication tool for agents and sellers that is bar none the best I have ever seen. If short sale service is what you are looking for and short sales that actually close contact them at http://www.sterling-title.com
0 votes
Edward Aretz, Agent, Princeton, WV
Thu Mar 17, 2011
Short-Sale-Negotiations.com has been processing my short sales for a couple of years and they have gotten every one, except one that had a first, a second, an IRS lien and an HOA lien on it. It also had MI insurance. Closed about 30. They get me full commissions and don't cost me anything. Their communications are great too.
0 votes
Spirit Messi…, Agent, Tucson, AZ
Mon Jan 17, 2011
I would focus more on the Realtor than the Brokerage. Find one that has extensive experience in Short Sales as a listing agent and ask for referrals.

Good luck
Spirit Messingham
Tierra Antigua Realty
Tucson, AZ
0 votes
Denis, , Illinois
Sun Jan 16, 2011
I used National Closing center for my short sale processing. I had 8 deals with them. All of them was closed. Average processing time 64 days from submiting Short sale to NCC to get approved
0 votes
Mike Linkena…, Agent, Jacksonville, FL
Thu Dec 2, 2010
They should ALL be avoided at ALL cost. ANY company that claims a % is also a scam company. The vast majority of short sales fall apart due to sellers fault, so to imply that they have control over a high percentage screams SCAM. are not needed in any short sale transaction, PERIOD. My company works with thousands of homeowners each month faced with loosing their homes. Here are some very valid reasons why we do not allow any of our agents around the country to use them:

1.) Regulation - We as brokerage companies are state regulated institutions. 3rd party mitigation companies are NOT. Because of this, there is no standard level or expectations of services, and they have nothing to loose when it comes to licensing. Many also work under the guise of "investors" and they also tend to act on the "liberal" side of real estate law, and can entrap agents in THEIR practices. I've heard literally hundreds of horror stories, CLICK HERE for one I just read on our site literally today. There is also a time factor when it comes to short sales and buyers backing out. When it comes to getting contracts signed or documents back, the processor is just another unneeded party that if anything can ONLY contribute to further delaying the process and of course approval times.
0 votes
Mike Linkena…, Agent, Jacksonville, FL
Thu Dec 2, 2010
2.) Accountability - While there are short sale processing platforms that attempt to control communication between ALL parties in the transaction, many companies don't use them, and MOST programs are insufficient. This means that when buyers or buyers agents would like an update, they contact a 3rd party, which may not know ALL of the details of the transaction and be able to effectively commucate them to all parties. Things are also lost in communication very frequently. Also, real estate transactions are supposed to be at arms length. Do these negotiation companies and attorneys understand what an arms length transaction is, and who do THEY represent when a buyer or buyers agent contacts them regarding the file? What about when it comes to negotiating a 2nd position lien, who do they ask FIRST for a contribution? These types of things make arms length transactions virtually impossible when using another party.

3.) Fiduciary Responsibilities - Due to the importance of the situation, I believe very strongly that in a short sale transaction especially, it is extremely important for brokerage companies to take their fiduciary responsibilities VERY seriously. For me, this is a pretty simple line to draw in the sand. Either you care about looking out for your customers best interests, or you don't. Telling them that you are there to help them in their time of need and then passing the buck to another company, most of which are not regulated, is certainly irresponsible and careless.

What does this mean for agents? I understand that negotiating short sales is NOT part of your job description and in most situations you should NOT be negotiating them yourself if any way possible. A good short sale team is not a one man/woman show, it takes a team. Mitigating with lenders is not rocket science, and there is no reason an assistant, broker, or designated person in your brokerage office can't help with the negotiations. This way, they can still be under YOUR supervision directly, and you can do what you do best - SELL REAL ESTATE! And if you only have a handful of listings, there is no reason you can't do it yourself, it is NOT as time consuming as many would have you think. Remember, this is coming from somebody who has done a couple hundred.

Closing attorneys and title companies are great to partner with to help with legal matters, advance title work, HUDs, and closings. While they are a valuable part of a short sale team, There is no reason or need to pass the buck and hand off your brokerage companies fiduciary responsibilities and relationships by allowing them to actually work the short sale negotiations.

Of course, our agents are only required to mitigate in house for the listings we refer them. It is a free country when it comes to their own. Choose wisely. This is also a way for us to help guarantee the sellers we refer out are never charged any money out of pocket, and can also receive a standard level of service. It is also a way we can guarantee any lenders who directly use our services and organization can insure that THEY don't get charged any UNNECESSARY FEES. Yet another reason to stay away from them.

In closing, I'd like it to be known that I COULD stand to capitalize substantially from mitigation. We have literally thousands of short sale listings around the country we've referred to agents, ALL of which have agreed to not use a 3rd party to negotiate them! For these reasons, and others, I also believe to do otherwise is completely careless and unethical.

Agents in ALL forms of brokerage relationships in our state are required to use "skill, care, and diligence in ALL transactions". Choose wisely.
0 votes
Renee Dumont…, , Florida
Tue Nov 2, 2010
Hi Mark,
We are a network of real estate short sale specialist who have witnessed 100's of house's slip away to foreclosure with agents who had little experience. That is what we are here for to make sure you are not the next one. We help homeowners by working closely with agents nationwide. There is no fee to anyone, and we are ready to answer any questions! Please click here to visit us
http://www.timesavers-4homesolution.com/sitemap.aspx
0 votes
Investor-rea…, , Santa Monica, CA
Sat Jul 31, 2010
The top short sale processing software can be found here:

http://saveyourshortsale.com/shortsalemanager.html

“By a wide margin it’s the lowest priced product on the market. It will be available to real estate investors and Realtors without the large setup fee of competitors such as Short Sale Builder, Short Sale Engine, and Short Sale Commander” said company spokesperson Jerry Maiger.

No setup fee. 80+% below the monthly cost of the competitors.

Features of the Short Sale Management System include:

• Online access for all parties involved in the transaction
• Manage all files online from any location
• Build instant short sale packages in less than 15 seconds
• Web Based HUD-1 Generator
• Web Based BPO Builder
• Pull Comps online
• Daily, weekly, monthly planner
• Optional email updates to all parties
• Public and Private Notes on each property
• Time-stamped activity log with lenders
• Unlimited document storage for each user
• Lender specific documents in place
• Easily navigate between properties
• Assign negotiator to any file
• Negotiator notes
• “Closing” checklist
• Status bar and tracking system for each property
• Checklist of tasks completed
• Record and save buyer offers and documents
• Additional business and marketing tools

That's a winner!
0 votes
David Korkoi…, , Fort Lauderdale, FL
Sun Jun 27, 2010
It seems that in the Fort Lauderdale / Miami & South Beach area, all the well known Realtors and Brokers use "REAL" Real Estate Solutions Inc. (rresinc.net) in Fort Lauderdale to negotiate their short sales.

They have been doing short sale negotiations for well over 10 years and came well recommended to me by other agents I know. The specialize in clients that must protect their credit rating and or have numerous assets.

My client had over $13 million in assets, yet walked away from a $1.4 million deficiency without owing or paying one dollar. No Promissory Note...nothing. Needless to say I was quite impressed.

David Korkoian
Keller Williams Professionals
Fort Lauderdale. FL
0 votes
Kent Gagon, Agent, Chandler, AZ
Sun May 2, 2010
There is no "best" company, when you are dealing with short sales, it all comes down to who has the best marketing to get the buyers to want the home and then once the offers come in who has systems in place to stay on top of the banks to get the approval done in a reasonable time and can stay in touch with the buyers to make sure they are still on board every step of the way. It does not good to have the best of anything if once the short sale is approved the buyers are gone. Why, because then you have nothing. You need a system to make the calls, get the loss mitigation people and negotiators on the phone, can be a challenge, not going to lie so that you can get the deal done. You as an agent have to stay in touch with the buyers every step of the way and make sure they have not gone and purchased a different home. It all comes down to pre-qualifying buyers which as an agent you should know how to do. There are lots of short sale processing companies out there but who is the best well, all I can say is my partner, she gets them done and that is all that matters to me and my clients, she keeps us informed as she gets information that is what you want.
Best of luck finding someone good.
0 votes
AATitleCo, , Florida
Wed Mar 31, 2010
It's True....That's exactly what we do at our title company in Florida act as a complete support team for our realtor clients and it works. We support them in follow up, submission, help gathering documents from their clients, title work and preparing HUD's when needed.

At the end of the day the Realtor is who facilitates the transaction and we support them as the title comany.
0 votes
Susan J Penn,…, Agent, Weston, FL
Tue Mar 30, 2010
Dear Mark,

I can understand you asking some names of a few realtors in your area that have success in approving short sales. The question you asked makes it sound as though there are mills processing these short sales. Title companys help realtors negotiate these short sales.
0 votes
Joanna Jensen, Other Pro, Livermore, CA
Fri Mar 12, 2010
Hi,

Question for agents: When you say "you fight for Homeowners to avoid foreclosure, do you give them the option of saving their home? Do you ask them if they prefer to keep their home if you could make that happen?
Quick criteria to look for:
is their 1st mortgage PITI ( not the neg am, or interest only payment) more than 31% of their gross income they may qualify for a loan mod.

If there home is underwater: if they were to get a principal reduction to the actual current market value could they afford the new loan? then I believe that is fighting to help the avoid foreclosure.

We as realtors should know loan mods and principal reductions do happen.

We as realtors, touting Foreclosure Prevention should Prevent Foreclosure all together, dont push short sale unless all other options have been looked at and short sale is the only option.

If your not working with a specialist who can get mods done or Principal reductions, your homeowners who want to stay in their home would be very gratefull!

JoAnna Jensen
Web Reference:  http://www.joannajensen.info
0 votes
Christopher , , San Bernardino, CA
Fri Mar 12, 2010
Frankly speakingk I don't think there is actually anyone out their that should be consider the best in the industry. In fact, thats what they all say. Lets face it, I've closed nearly 1,200 short sales to date, and never would I say, I'm the best, in fact, I say, more learning and training since this industry shifs from one day to the next. Look folks, let's stop hyping things and simply get to the nitty gritty of this business...If you can do it yoruself, then by all means do it. If not, then simply do what any prudent person shoujld be doing, due dilengences on everyone you might consider...Enough with the bull....and on with the solutions.....All this online marketing hype is simply another way for you guys to simply attempt to attract attention...case in point, if you're doing well, then thank God for that..If your struggling, then get more knowledge experience but do something other than wasting time in this room trying to convince others of your knowledge, your so called success, etc...You are all beginning to sound like those so called geru's that claimed things but performed very little...Good luck to you all...
0 votes
AATitleCo, , Florida
Tue Feb 16, 2010
Assure America Title Co has a free short sale processing program for Florida residents...They will help gather the docs, provide a free title report, Prepare HUD and do all the necessary follow up needed to obtain approval
0 votes
Lynn Pineda, Agent, Coral Springs, FL
Wed Jan 27, 2010
When trying to decide who is best qualified to handle a Short Sale for a distressed Seller, I'd look to the great number of Realtors who have the genuine desire to help a Seller avoid foreclosure. I'm dedicated here in South Florida in helping such homeowners and will fight for them to avoid foreclosure. I haven't found any company that has the my compassion, persistence and dedication to keep on a Sellers Lender until a Short Sale approval is given. I never ever quit! And I don't work 9:00 to 5:00 in getting Short Sales done. Check track records and talk to their customers.
0 votes
Ritaflood, , California
Sat Jan 23, 2010
0 votes
MrPrincipalR…, , Phoenix, AZ
Sun Jan 10, 2010
http://www.stayaftershortsale.com, Mark we have a unique system. check us out.
0 votes
Jackson, , Massachusetts
Wed Jan 6, 2010
Go to http://www.shortsales-braindamage.com and check out the site. Lori has written a book called Short Sales Without Brain Damage which includes a cd with forms and examples, and you can contact her from the website. Lori is highly experienced and extremely successful in negotiating short payoffs.
0 votes
Pshively, , San Diego, CA
Tue Oct 20, 2009
One thing to consider when choosing a Short Sale Processing Company is the state that the Short Sale Listing is in, and the resulting DRE laws regarding Short Sales. For example some states require anyone 'negotiating' a deal to be licensed in that state, while others allow third party processing companies to be licensed in any state.
0 votes
Donna Burnett…, Agent, Roseville, CA
Thu Oct 15, 2009
At our brokerage at KW in California, we can not even use a negotiating company that is not broker licensed in our state and they need E&O.
0 votes
Indynetman, , Indianapolis, IN
Thu Oct 15, 2009
None.........It amazes me that in this current market that any realtor would contemplate spending this time for what will ultimately be a lowered commision scale by the lender. Do you want to make the best of your time represent the Investor who has his own team of Realtors, Loss Mitigators etc. You will get a guranteed full commisiion and do no negotiating and not pay a processing company. People on this blog need to be educated. I am not going to give my name or a plug for business as I am an Investor. This post is for the benefit of Realtors who want to spend thier time doing what they do best. The market is not getting better and foreclosures will continue. It will come down to those who excel and those who ponder along with the belief that they just know all. Look at your bank account at the end of the year because many peoples egos are larger then that account.
0 votes
Sean Jones, , New York, NY
Fri Sep 18, 2009
Tough question - there are so many good companies out there that provide a great service to the listing agents. However, there are many others that simply receive the short sale package, submit it to the lender, and just hope for the best. There is a difference between "negotiation" and "facilitation" and a listing agent should ask these questions before signing up with any short sale company. The key is to work with a short sale company that is willing to stay PERSISTENT with the lenders!!! Lender guidelines are constantly changing and LENDERS HAVE THEIR OWN TIMEFRAMES! Don't let anyone tell you otherwise!!! If the loan servicer is not delegated to approve the short sale (at least 30 days in most cases) then it goes to the Investor for final approval. God forbid there is mortgage insurance on one of the liens, then it will take another couple of weeks! No listing agent OR Short Sale Company can get all of these processes and approvals within a week (yes! I've seen some SS companies advertise such service). A good short sale processing company is going to review your file before submission, ensure that your package is immediately received by the lender (lenders constantly "misplace" packages - costing the agent weeks of waiting), consistently follow up with the lender in order to find the name of the negotiator assigned to the file, and build a relationship with that negotiator to ensure all requirements and lender expectations are met. The SS company should also be informed of the circumstances of the borrower and be able to truly explain the hardship on the borrower's/agent's behalf, as well as explaining why the offer presented is the strongest offer possible and to the benefit of the bank. As you can see, there are many factors that go into short sale negotiations and EVERY FILE IS DIFFERENT! All short sales WILL NOT be approved by the lender - NO ONE can guarantee that! But, a good short sale company will work hard for the listing agent and borrower and save the agent their most important asset - TIME! - so they can focus more on business development and acquiring more listings!
I am not marketing any company but I am experienced as an agent, loss mit specialist (working on behalf of several large banks) and currently assisting agents as a short sale negotiator (working on behalf of agents) so I've worked on both ends of the spectrum and everything I have stated is out of TRUE experience. The entire SS process is a pain in the neck, (believe me, back when I was a negotiator working on behalf of the banks, I may have been the one who was a pain to YOU on the phone lol), but I love sharing information so we can all improve on our closing rates, whether agent or negotiator.

Any questions or any info to share, feel free to contact me at seanclosesdeals@gmail.com.
0 votes
Donna Burnett…, Agent, Roseville, CA
Thu Sep 10, 2009
We have tried numerous short sale negotiating companies and feel the best for our clients is controlling the negotiations ourselves. We find that we close them quicker and more efficiently when we handle the negotiations internally. We are on track to close over 100 short sales in 2009 with a 100% track record.

This is not to say that many outside negotiating companies don't serve the real estate community well. We highly suggest a real estate professional that is not fully immersed in the short sale process should definitely consider an outside company experienced in short sales. It is complicated and when inexperienced, is probably a detriment to the client when an inexperienced short sale agent tries to do handle these themselves.

Rick Stalker
D & R Real Estate Group
Keller Williams Realty
0 votes
Ravin64, , Orlando International Airport, Orlando, FL
Tue Sep 8, 2009
There is an enormous difference between a short sale processor, a realtor and an experienced loss mitigation short sale negotiator. I am not advertising here at all, no name mentioned but we know nearly all of the ins and outs, how to package and present for effectiveness, how to navigate the process, present the right items at the right times and get things done as quickly and efficiently as possible. This takes many years of experience and specialty. Sure a processing company is simply that. But a professional negotiating company know the process and many times, the people, at the lenders hq, to by-pass many of the first round people that most agents go to. There is a difference, just like in any industrty. There are masters of the trade and there are jacks. Choose wisely. We preunderwrite the short sale and know with measured certainty whether the deal will be approved. Novices and most realtors, not all, do not have that experience.
0 votes
Ravin64, , Orlando International Airport, Orlando, FL
Tue Sep 8, 2009
It absolutely BAFFLES the intellect that realtors would take on the job of SS negotiating and NOT get paid for it. Are you kidding me? You have completely overloaded yourself with work, taken time away from things that MAKE you money. How many deals are you NOT getting by spending time pushing paper. Not to mention the fact that you could make three times the commissions by turning over the deals to professional negotiators while you continue to sell. This is truly on trulia and amazing inefficient use of time.

Wow, I never want my staff working for free. It helps no one and the banks now have you trained.
0 votes
Joanne Ander…, , Washington
Thu Aug 27, 2009
Ms. Inman, I am very well aware of MY state's DPL, what the definition is of a DHC, and the ability to determine who really should be providing options regarding homeowners debts. Unfortunately, one of the reasons agents were listed in the law for more accountability in the first place, was due to shady dealings, misrepresentations and misuse of the title of Realtor by some licensed 'professionals'. This still occurs, but the law was so poorly written and encumbered to many areas or regular real estate agent responsibilities... it had to be changed and we probably haven't seen the last of the changes I'm sure. This doesn't not mean EVERY agent is bad, but in our area... there seems to be some very uneducated ones...I can't speak about other areas. I did not make my statement lightly and without forethought regarding the need education among Realtors, I have spoken to many Broker friends and associates, that admit their agents are not educated enough and invite me to speak at their offices.

The 1.53% or 1.78% excise tax or transfer tax required by our state, in my experience has never been the cause or need for a short payoff. Prepayment penalties sometimes, late charges, increased arm rates, past due interest at accelerated or default interest rates, drop in market values, the old 125% loan to value loans, yes, all causes... but never seen it due to our excise tax.

I apologize to site members however if I have wrongly been allowed to join this site or misinterpreted who may answer questions or offer insight to questions asked here. My posting below is the first time I even knew it even existed. Honestly, I'm really usually too busy to actively participate anyway and will honorably cancel. Besides, I didn't realize the question was "Who is the best Realtor who processes short sales?" or I never would have responded in the first place. I would like to before signing off however, that it seems quite shallow and uniformed to discredit ALL Short Sale Processing Companies without personally knowing or dealing with them all. Besides... aren't all Realtors the best Realtor ever? = )

If you read below... in my statements, I have never said... my company is the best... I don't need to state that. Not only are there other good and qualified SSP companies out there, but mine has remained a successful company basically by referrals only, for more than a decade, which I think speaks for itself. I enjoying sharing what I've learned processing over 800 successful short sales with my small company and I have been in more transactions where the Listing Agent has given incorrect and improper advice to their distressed Seller/Clients, than I'd like to ever hear about. So, as I mentioned before, I believe education is the key.

The same mortgage companies loan to borrowers and their properties all over the country. We and many other qualified processing companies can process short payoff requests on properties located almost in any state... and we have. But frankly, some states are so depressed and values are so low, it is not financially feasible for my company to occassionally process short payoffs on properties in those areas.... but we do offer consulting services.

If you have a secret for fast tracking short sales with Fannie Mae, Freddie Mac, VA or FHA and their servicing mortgage companies such as Chase, Bank of America, Wells Fargo, Saxon and other overwhelmed and inundated companies... by all means... share with the group! I'm always open to hear and even impliment new successful ideas and processes, because one never knows it all, right?

So Short Sale Processing Companies... don't be offended.
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Joanne Ander…, , Washington
Thu Aug 27, 2009
In my opinion, it is from lack of knowledge that statements like "The best short sale processing company would be you or your real estate agent. No one cares about you as much as you do. No one wants it to close as much as your REALTOR does. Both have the ability to work directly with the banks and use the same tools as any of the other folks processing short sales that charge HUGE fees." are made.

I've worked in the real estate industry and with Realtors for over 25years and although they have a place and need in this industry, there a far too many that do not take the time to really learn their trade. Most homeowners don't even remember what they signed when they purchased their property, let alone know what options they have when in financial trouble with it.

A GOOD processing company already knows WHAT lenders will most likely accept or approve, have a higher approval success rate than most Realtors, and if they are smart, will reserve the option to decline to process certain offers that they know will waste everyone's valuable time... Realtors on the other hand, typically send in the first offer they get on the property no matter what the sale's price is or that it doesn't protect their seller's foreclosure timelines or how it will affect the seller financially in the future... just to 'test' the waters. Because it was said so elloquently put above "No one wants it to close as much as your REALTOR does." That's an interesting statement, because most processing companies don't get paid until it closes either.

Any Realtor that believes that spending some 200 extra hours processing a short sale on a single transaction instead of going out and sourcing for new clients, may want to rethink their line of work and/or marketing plan. Plain and simple, the duties of a Listing Agent and the duties of a Short Payoff Processor, is two separate jobs. They required different knowledge, use different perspectives to succeed, and is not only recognized as separate duties by many states, but also by the MLS, at least in our area.

Contracting outside expertise for certain tasks is used wisely in many businesses. Education, I believe is still the key. Educating Realtors, Homeowners... and yes, even trying to educate the mortgage companies. Its too bad they don't listen well (mortgage companies)... I'm sure the type of information and criteria we use in accepting business along with developing better processing systems within their companies would save them AND our government ( for those insured loans), hundreds of thousands - if not millions of dollars.

I don't think I'm even going to touch discussing the value of a good processing company's service in comparison to the amount of commission that is received by the Realtor.
0 votes
Larry Cappel…, , Phoenix, AZ
Wed Aug 26, 2009
I wouldn't recommend one unless you are not interested in listing the home yourself. I would tell you to find an experienced agent who understands the process and refer your client to them. That way, you can still get paid and avoid the learning curve yourself. I list them and wrote a blog post about the process. Check it out at http://www.larrycapp.com.
Web Reference:  http://www.larrycapp.com
0 votes
., , Los Angeles, CA
Thu Feb 12, 2009
Now I just don’t seem to get it- someone help me please. The person who you are talking to about the short sale is not your lender - Agreed? It’s called a Seller Okay? If you cannot comprehend this then Santa and the Tooth Fairy will soon visit! Now if the Party that owns the loan is structured in such a way (Pass through Certificate investment Trust) that a loan sale or short sale is prohibitive . . . . agreed? And if the Master Servicer is required to put out the full value of the loan to release it to your servicer to then discount it...and if the alternative is to just let it go to foreclosure whereby they get to participate in the recovery process and sale back to an exclusive Realtor Trust fund for REOs.....$$$$ .....cash for key’olas etc.

Now friend I speak to you with full fledged honesty and integrity in earnest and submit the most honest answer you can get on the subject. Is there an attorney who dare challenge the SEC 8 & 10 K filings and securitization prospectus I shall produce at a moment’s notice? I am waiting? It’s only after 20 years of doing the same that I jumped ship to oppose the willful negligence and unlawful acts that leads to a class suit of the magnitude you will never see again. Santa and Tooth lady ???? But .....No Short Sale companies - Scam
0 votes
Oscar Morante, , Portland, OR
Sun Feb 8, 2009
Short sales are a very interesting phenomenon. To succeed with the it is necessary to be diligent, patient and specially SELECTIVE. A well selected short sale transcation, specially now a days, will go definetely go through.
If you are an agent, for processing you my want to consider my company http://www.ShortSaleProcessing.com. We handle plenty of short sales for agents. For us to help you, you need to be already well educated about them. If you want to learn short sales go to http://www.BestShortSales.com. This short course will get you the needed understanding for to be good at it. For saving time and not talking to the bank use our processing service.
Oscar Morante
0 votes
John, Home Seller, Phoenix, AZ
Sun Feb 8, 2009
I used a company in Tucson. They are real estate investors and handled the negotiation of our short sale. I spoke to three RE agents and none of them knew nearly as much about the negotiation of a lender approved short sale. Plus, in our case, the owner's actually made us an offer on the home and were able negotiate a good price.

This home was an investment gone bad for my family and was on the market for 7 months. They were able to help facillitate a fair deal for all parties through our agent. They were honest, communicated very well and followed through with great success! Highly Recommended..
0 votes
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