When you guys counter-offer a loss mitigator counter-offer do you have a certain way to do it. I noticed that if I call back too soon it seems like they haven’t even looked at my counter offer yet and don’t really care to look at the supporting documents I sent along with it. They just immediately start saying it’s too low because of their previous BPO.
Is it best to wait awhile before calling to make sure they looked over everything or do you call back right away? If you wait, how long do you generally wait? Will they even look over the counter-offer on their own or only once you call to bring it to their attention?
The loss mitt can’t counter. Technically they can only approve or deny and offer. So, what you got was probably a denial. They will or need to send you that denial in writing. Once you have that, then the process technically starts over.
Even if it’s the same buyer, you need to get a contract addendum and a new HUD-1 and send it to Loss mitt as if it’s a whole new PA. It’s lame, but the loss mitts are just grunts, with no authority and must follow a specified file process.
Good luck!
Yes, we can. If I have a low counter I straight out tell the agent that I need an offer netting a minimum amount otherwise we’ll wait for a new buyer or let it go to foreclosure.
I may be just a grunt, but I’m the the grunt that you have to get through to get a short sale approved. If it doesn’t make sense to me I’m not going to submit to my management, the investor, or a mortgage insurance company.
On two separate short sales, I did get an acknowledgement letter from the loss mitigators I was working with. One was with Wells Fargo, back in 2006 and one is from Countrywide, with whom I am currently working with. Both said in writing that they are not authorized to counter.