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Author Topic: Outsourcing Short Sale Processing?  (Read 6900 times)

Offline vdestefa

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Outsourcing Short Sale Processing?
« on: April 12, 2012, 12:39:21 pm »
Has anyone here tried using a third-party vendor to administer the short sale process (interacting with seller's bank to provide paperwork, follow-up calls, negotiations, etc)?
Vincent DeStefano
Indianapolis, IN
http://makemoneywithrealestateinvesting.com
[FREE e-book]

Offline Real Estate Seller

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Re: Outsourcing Short Sale Processing?
« Reply #1 on: April 12, 2012, 07:12:01 pm »
They call them real estate agents.
I am the king of short sales.

Offline vdestefa

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Re: Outsourcing Short Sale Processing?
« Reply #2 on: April 12, 2012, 07:19:56 pm »
???

i think you misunderstood my question, RES.  here's an example of what I am referring to:

http://www.shortsaleexpeditor.com/realtors-brokers/

they perform the short sale administration FOR investors and brokers.
Vincent DeStefano
Indianapolis, IN
http://makemoneywithrealestateinvesting.com
[FREE e-book]

Offline Real Estate Seller

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Re: Outsourcing Short Sale Processing?
« Reply #3 on: April 12, 2012, 07:21:54 pm »
How much upfront fee do they charge?
I am the king of short sales.

Offline satarnag

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Re: Outsourcing Short Sale Processing?
« Reply #4 on: April 16, 2012, 12:21:50 am »
???

i think you misunderstood my question, RES.  here's an example of what I am referring to:

http://www.shortsaleexpeditor.com/realtors-brokers/

they perform the short sale administration FOR investors and brokers.

Actually I do them for other agents. I also know Melissa from that website. Here's the thing, you need one that will do your short sales your way.

What specifically is your question?

Offline Real Estate Seller

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Re: Outsourcing Short Sale Processing?
« Reply #5 on: April 16, 2012, 12:29:26 am »
Still the banks will decide how a short sale will work and what paper work they will accept and not accept. No one know the golden rule of the banks it is only a guessing game.
I am the king of short sales.

Offline vdestefa

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Re: Outsourcing Short Sale Processing?
« Reply #6 on: April 16, 2012, 07:49:38 am »
the question is of the viability of the vendor serving as "proxy" in processing the short sale from seller side of the deal.  is it efficient, effective, and viable?  will this third-party provider perform to par?
Vincent DeStefano
Indianapolis, IN
http://makemoneywithrealestateinvesting.com
[FREE e-book]

Offline Real Estate Seller

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Re: Outsourcing Short Sale Processing?
« Reply #7 on: April 16, 2012, 10:41:20 am »
Only if the bank will let a 3rd party process the short sale for seller. Now if the 3rd party is a real estate agent the banks will allow that.
I am the king of short sales.

Offline satarnag

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Re: Outsourcing Short Sale Processing?
« Reply #8 on: April 17, 2012, 10:42:57 pm »
Still the banks will decide how a short sale will work and what paper work they will accept and not accept. No one know the golden rule of the banks it is only a guessing game.

Not true. I can tell you what will work and what needs to be done. The bank does give the final say, but an experienced short sale negotiator knows what will most likely work.

Offline Real Estate Seller

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Re: Outsourcing Short Sale Processing?
« Reply #9 on: April 17, 2012, 10:50:25 pm »
I agree you can give what you think will work or need to be done. But getting the banks to see it your way I doubt it will happen. We deal with banks almost daily and they could care less what we think. We find that dealing with Wells Fargo  if we make them a fair offer not a low ball offer and not some over inflated re-hab cost in order to get a better deal they tend to take our offer.
I am the king of short sales.

Offline satarnag

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Re: Outsourcing Short Sale Processing?
« Reply #10 on: April 17, 2012, 10:56:17 pm »
the question is of the viability of the vendor serving as "proxy" in processing the short sale from seller side of the deal.  is it efficient, effective, and viable?  will this third-party provider perform to par?

Well I know Melissa does a great job on processing short sales. I don't know if she intercepts the BPO or if she is willing to lowball the lender. From my experience with her, she seems like a straight shooter.

What you need is someone who is willing to process a short sale based on your terms so that you can flip it or make money. If you are in California, we can talk to see how we can mutually benefit one another.

I am a licensed broker in the state of California. I can act in any capacity regarding the short sale. I can represent you, the seller, both parties or just handle the negotiations and steer the parties involved to make it profitable for everyone.

Offline satarnag

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Re: Outsourcing Short Sale Processing?
« Reply #11 on: April 17, 2012, 11:01:23 pm »
I agree you can give what you think will work or need to be done. But getting the banks to see it your way I doubt it will happen. We deal with banks almost daily and they could care less what we think. We find that dealing with Wells Fargo  if we make them a fair offer not a low ball offer and not some over inflated re-hab cost in order to get a better deal they tend to take our offer.

Ask yourself how does Wellsfargo determine "fair offer"? There are many aspects for a successful short sale and one of them is to find 3 low active and 3 low sold comps and make sure the BPO sees those comps. Depending on the price point, you can have the purchase price reflect a certain percentage below the lowest comps and you'll have a higher chance of success. I get shprt sales for Wellsfargo approved below current REO properties.

Offline Real Estate Seller

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Re: Outsourcing Short Sale Processing?
« Reply #12 on: April 17, 2012, 11:03:26 pm »
Not in California but we buy and sell a lot of SFR in Southern LA. If you have SFR in the LA area at 45% to 50% of the fair market value we would be interested. ( No hood or war zone)
I am the king of short sales.

Offline Real Estate Seller

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Re: Outsourcing Short Sale Processing?
« Reply #13 on: April 17, 2012, 11:05:54 pm »
The last 10 SFR we got from Wells Fargo was 45% of the fair market value.
I am the king of short sales.

 




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