I’m getting such poor response from my mailers, that I’ve resorted to working with a couple realtors that list short sales. No luck so far. My fears are:
-The realtor commission means less net to the lender, so I would have to increase my purchase price to the point that it’s not worth it to me.
-Because the property is listed, I’m now competing with much higher offers
-The lender’s price opinion is influenced by the high listing price. So, even though I send in low comps and a CMA / BPO, the lender’s BPO still comes back much higher.
Are these valid concerns? If so, how can I (LEGALLY) work with realtors in such a way that I can still get lender approval at smaller purchase prices?
Yes, you are much more better off not working with an agent and/or their listings; JDS is absolutely correct!!! The commissions aren’t the worst part of it all either. I hate to say it to but Realtors are pointless in this business (short sales) I mean I understand they are there to look out for their client but 1) 99% of them are doing them wrong and essentially doing a diservice to their client 2) they do not and will not listen to anyone else, well maybe another agent - but even so,why would they listen to you 3) they have no clue why short sales should not be listed on MLS and when you explain why, it’s way over their heads oh and did I mention that 99% of them are doing them wrong. :banghead
With the hundreds of homeowners I work with each month - I’ve only had one homeowner agrue with me on how short sales should be done. When I explain that the lenders made up the rules, not me - he still insisted the Agents know what they are doing. So off to the next.
How Agents are practicing short sales, is making the market worse off then it could be. :flush So all in all, work with the homeowners directly. Not sure where you are located but I’m guessing your mailers do not have a focus and they may be mailed anywhere, everywhere. I suggest you figure out your focus and target areas and stick with it. My mailers work pretty well. Keep things short, sweet and to the point. But send things like, BUY HOUSES, CALL ME? If you have a website, reference it. If you don’t have one, get one. Also, consider your presentation. Is it handwritten or typed, do you have a logo, are you using a company name. What sort of envelope are you using? Remeber you are competing with many other companies out there. Stand out from the rest and find the niche. These are all things to consider. Let us know exactly what you are sending and maybe we could put you in the right direction.