Loss Mitigation

Greetings to everyone from “The Woodlands” Texas! I have been in real estate for close to nine years and developed my niche in “Short Sales” I have slowly built a team of 7 highly effective agents all of which work short sales. I have trained each one and still train and mentor. Short Sales comprise about 80% of our business. I am streched thin and have looked into some of the services for handling loss mitigation. One company recommended was BSG3. My question to all fellow Brokers, and agents working short sales, What are you doing? What can you provide that may lighten my load dealing with the loss mitigators? Pro’s, cons?

In short, there is a better way. Gather financials, listing agreement, turn it over for someone else to negotiate and keep everyone updated to progress of the workout. Focus on what you do best…Generate more short sale listings.

Best Regards and Happy Mothers Day to all the mothers on the forum!

James “Mr Talking House” Anderson
The Talking House Team


Be careful who you use as a third party negotiating company. They are generally hated by the lenders, unless they are attorneys or true mediators. I have friends and a close relative in some nationwide secondary market investors and lending institutions and there are many stories of tanking short sale proposals because of pushy, rude, and obnoxious negotiators.
I require my firm to absolutely stay within the ethical standards for attorney mediators. You should stay away from any company or individual who does not know those ethical standards. There is a great amount of potential liability in short sales, so it is important to educate yourself concerning those liability traps.
I hope this is helpful to you.