How do I find an agent for a potential short sale listing without paying extra for a negotiator?

Asked by Beachtango, 34135 Sun Oct 25, 2009

The bank has received the seller's info and has completed an appraisal. What is a negotiator needed for in this kind of situation? Do they really make a difference in getting the property sold?

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Danielle Sha…, Agent, Cape Coral, FL
Sun Oct 25, 2009
BEST ANSWER
At this point, it sounds like you just need an agent experienced in short sales. Local agents (myself included) do negotiate our own short sales and don't ask for anything else except for the commission from the bank.

Have you interviewed anyone in Lee county that you feel comfortable in their abilities, integrity and honesty?

Hope this helps.......have a beautiful day!

Danielle Sharp
Sharp Homes
Cell 248.207.4445
sharphomes@yahoo.com
Selling Paradise Realty
Broker Assoc
Web Reference:  http://www.mysharphomes.com
0 votes
Kimberly Lang, Agent, Bonita Springs, FL
Sun Oct 25, 2009
One thing to remember is that there is no "Pixie Dust" no "secret" in negotiating a short sale. Negotiators, at least the good ones, serve the purpose of diligently collecting documents that the lender requires for their determination; and following up over and over and over again with the lender. Here the squeaky wheel really does get the grease! That being said, there is no state certification, no licensing, no regulation as it pertained to short sale negotiators. On the other hand, there is a great deal of licensing, regulation, testing, and continuing education as it pertains to Realtors. Many Realtors do much of the negotiating them selves while the may use a negotiator for the purpose of the ongoing contact with the lender and collecting the necessary documents. You will be greatly served to use the service of a Realtor familiar with the short sale process. If a negotiator is used, be aware of ones charging large fees such as $2,500 to $5,000. Even if charged to the buyer, there is nothing the negotiator will or can do to warrant that type of fee.
I hope this helps.

Kimberly Lang
Keller Williams Realty
239-949-8338
239-677-8773
http://www.SWFloridaHomeSearch.com
1 vote
Larry Damiano, Agent, Naples, FL
Wed Oct 27, 2010
Having an experienced agent or an experienced negotiator can help in many ways .
The goal of course is to get the property sold . Sometimes the bank will ask for a price that may be extremely
unreasonable . An inexperienced middleman will accept the price and pass it on to the buyer. If the buyer buys you have a deal . If the Buyer walks away and buys something else YOU the homeowner are left with nothing. THIS IS NOT NEGOTIATION. Unfortunately you never know what you get. Even Attorneys who handle negotiations turn over the work to the staff , which may be a former Assistant Title Agent.
Negotiation is putting leverage on the Bank by way of proper Foreclosure Defense, a calmness in staying where you are until you get a fair deal , and a presentation of facts which presents the Bank an alternative
to give them as much money as they will possibly get as fast as possible in this situation . That is the definition of LOSS MITIGATION and that is what Bankers understand.
other responses were correct , Realtors can't get paid for negotiating , the paperwork collection and dealing with banks has become an industry standard freebee, Realtors get paid for listing and selling the property
by way of Commission. This has lead to a Cottage industry of Attorney and Title companies collecting
money for short sale negotiations . DO NOT PAY anyone in advance as this may be illegal in most states.
please see my website or Blog for more information
Web Reference:  http://www.MortgageLarry.com
0 votes
Marc Comisar, Agent, Bonita Springs, FL
Mon Oct 26, 2009
You seem to be in need of a Bonita Springs agent and someone with Short Sale experience. We fit the bill for both. Our office is right off of 41 and Terry and I have extensive short sale experience with no fees charged. Contact me and we can sit down and discuss your situation.
0 votes
Kevin Clouti…, Agent, Cape Coral, FL
Mon Oct 26, 2009
It's ILLEGAL for a real estate agent to charge upfront for negotiating a short sale.

Our commission is payment and in our listing agreements, It is more work than a traditional sale.

No agent should charge the buyer or seller for a negotiator and even if they make that part of a listing disclosure, it should be struck out and initialled.

You should work with an experienced agent that would help by informing you and negotiating you around those issues.

If I can answer any of your questions feel free to contact me, I am an experienced agent in short sales and have listings in Bonita Springs.

Kevin Cloutier, REALTOR
Keller Williams World Class Realty
239-246-6639
Web Reference:  http://www.kevincloutier.com
0 votes
Carol McAlis…, Agent, Nashville, TN
Sun Oct 25, 2009
Unless I fell off a truck? You are in a short sale????? A nego. is like kind of a must???? what is the ?
0 votes
Guy Gimenez, Agent, Austin, TX
Sun Oct 25, 2009
If you're a buyer:

It is becoming more common for the seller / seller's agent to charge a fee to the buyer for the seller's use of a short-sale negotiator. This person is supposed to be skilled in all aspects of the short-sale process and is supposed to take a lot of the routine tasks off the agent / seller.

However, unless your contract calls for you to pay for this service, you can refuse to pay it. Remember, anyone can ask you to pay miscellaneous fees, but it doesn't mean you have to submit to their request.

If you're a seller:

Using a skilled, competent short-sale negotiator will make life easier for both you and your agent. They will make the daily phone calls, faxes, emails, etc. and follow up on each of the mundane tasks associated with this archaic process. I usually see it costing about $400-$600 per transaction and either the buyer, seller or even the bank can pay the fee.
Web Reference:  http://www.phgbrokers.com
0 votes
Team Real Es…, Agent, STATEN ISLAND, NY
Sun Oct 25, 2009
Its not really clear if you are a seller or a buyer. I think you are the seller. a negotiator is someone who works for the bank in the loss mitigation department. you are not paying for it. the negotiator is an employee of the bank. they collect the complete short sale package, the puchese contract and appraisal and forward it to the investor/s.
0 votes
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