In this video, I go over reasons why using a third party negotiator might be beneficial to closing on a short sale transaction.
In today’s session we’re talking about why would you need a third party to handle a short sale transaction. Why can’t an attorney or an agent handle the short sale? They can if they wanted to. But you have to understand that an agent and/or an attorney, I’ll talk about that too, an agent is hired to sell your house. That’s what they get paid for. Most agents that are good and trying to sell your house, they’re out on the road, they’re not the type of people that will be sitting down in an office and be communicating and sending documents to the bank.
Now, if they have an assistant it is possible but you have to understand that most agents don’t have the experience. They don’t have the patience to deal with the bank. Now with regard to the attorneys, most banks are going to pay an attorney to do the closing for a real estate transaction. They’re not going to pay any more for them to handle the work that’s involved in communicating with the bank to do a short sale.
For example, when you’re dealing with Fannie Mae or Bank of America, most of the time and even Ocwen, they limit attorney fees to a thousand dollars. So you have to think about it, would an attorney handle the paperwork that’s involved – the number of hours that’s required for them to send documents to communicate with the bank for a couple of months for a thousand or fifteen hundred dollars.
You have to look at the numbers. In any case, if you decide, as a homeowner, that you want the attorney or the agent to work on the short sale and in communicating with the short sale lender, one important thing that you need to really ask yourself or to ask them is, have they handled short sales for other homeowners. Have they been able to close and find out how long and how many? All right? So I hope that was helpful.
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