Any one know of a service that will do the short sale for the investor and be willing to get paid from the proceeds?
Typically the fee for the service is to be paid up front upon an initial stage of pre- approval.
which is a rip off, because there is no integrity with being paid up front. ever heard never pay a contract up front until they have completed the scope of work? don’t go for this type of scam.
or this will be you. :anon
Always seek legal counsel if you are a short sale homeowner. There are things attorneys can do that real estate agents cannot do. Realtors enjoy getting paid out of the proceeds and are in belief that they know all. It really can be a shame, since their only goal is to take advantage of a homeowner who is losing their most prized possession… their home.
Plenty of buyers who get involved in a short sale still aren’t really sure what a short sale is. And plenty of brokers don’t quite know what to do with them, because they can be so time-consuming and complex, and have such a dim probability of success.
Real estate agents, the lender(s) will ALWAYS ask you to cut your commission. Always, always, always. It is their duty to mitigate losses. That means asking everyone to cut their fees. Don’t take it personally. So, should you cut your commission? These transactions are difficult, time consuming, gut-wrenching, and ulcer-inducing. Why on earth would you accept a low fee? When asked to slice your fee to the bone, say “no.” The lender needs you more than you need them; the lender does not want to foreclose.
Foreclosure is expensive for a mortgage lender. Mortgage lenders are not in the business of foreclosing on houses. Banks and lenders are in business of making loans. They don’t want the house back. This is a business decision for the lender. Which means it has to make rational, logical sense.
All fees paid by you directly may be a tax write off because they are the cost of doing business; however, consult a tax professional.
I highly agree with the previous poster. The person who noted “creditability” above may have dealt with a bad egg. A company that focuses on these type of transactions can bring the expertise that others can not. For example, when you hire an attorney they have a feduciary right to protect you. They will generally hold a retainer and charge above and beyond that through out the case. Usually charge between 2.5k and 5k and this just to start. All this with out a guarantee, only the guarantee that they will do the best they can do. May be well worth it though when they/or a professional consulting firm saves them 50k (varies from person to person – we have dealt with people saving hundreds of thousands). Also another example of this would be asking a doctor to operate on you, they will charge up front, and if you can’t pay they will attempt to work something out with you on the back end. There is nothing wrong with these types of transactions. We ourselves only charge for the time involved. These programs are timely, uphill, and can really eat up ones day. Also how are the homeowners supposed to call while they are at work. IF they continue to get different people every time they call they should look to seek help from a professional. Many counseling agencies will also charge considerably less than an attorney but give even better consulting. Attorneys can only practice in 1 area where a consultant can bring a nationwide of expertise.
Best of luck to everyone and we hope to be of assistance. Happy posting all!
Actually, I have done business with a Loss Migation Company who will do all of your short sales. That is, you complete the Short Sale Package and your team will call the bank and close the short.
What’s the catch, well, they get 50% of what you get.
In other words, a “50-50 Win-Win Solution”.
Only two post, are you advertising your service?
Near-daily occurence…SSDD. It was worse until it got ‘truncated’.