Loss Mit Negotiating
Does anyone have any tips for negotiating with loss mitigation reps? lately i have just been told what what they are willing to do with no flexibility. anyone have any advice to try and get more favorable terms from lenders??? my question is geared more towards loan modifications but its applicable to short sales as well.
what exactly did you mean by resubmitting once accepted? are you doing something after acceptance that is giving you more success? what would you resubmit if a package was accepted already?
Quote:
On 2008-09-02 19:24, 6hundy wrote:
what exactly did you mean by resubmitting once accepted? are you doing something after acceptance that is giving you more success? what would you resubmit if a package was accepted already?
I was thinking the same thing....
he pretty much covered it. I am his business partner and yes we have to resubmit a couple of things but nto everything.
Once we get a SS accepted we go back to them and say "listen we cant pay that anymore for the house because its taken you so long there has been a drop in the market and we also came across some repairs that were unseen before"
At this point the mitigator is extremely annoyed because they spent so much time getting it accepted. because of this they are going to work with you to get it closed so they dont waste their time. I resubmit a NEW HUD and NEW CONTRACT, thats it. oh and maybe some repair estimates but not usually.
90% of the time I will have a new acceptance within 2 weeks for 20k Less than my original offer. its creating money uot of thin air.
I did this once on a short sale 4 times and got my first offer accepted at 165k and by the time i was done I got them to accept 115k. They mitigator was pissed each and every time but im not here to make him happy.
There are so many different strategies when it comes to short sales.
-Brian[ Edited by rei04 on Date 09/25/2008 ]
Thanks, weve pretty much got it down over here. I was just curious as you guys seem to get it as well. Good luck with your e course, I respect those that have the where with all to expand their business with other income streams. Good luck in your endevours!