A few Opinions Regarding Third Party Negotiators
Kevin was contacted recently about his view on whether lawyers ought to negotiate short sales. This, like other subjects, has Kevin a little fired up. You have to keep in mind that if you employ an attorney to be your third party negotiator you are in actuality merely getting a paralegal or legal assistant to negotiate on your behalf. Truthfully, there are no lawyers sitting on the phone with a bank worker negotiating the short sale on your behalf. In addition, fewer than 50 percent of short sale documents that originate in an attorney office are successfully completed. So, if you scrutinize this more intimately, learning a little bit about the short sale method yourself could guide you to the same success rate. If the results that you could get are the same or better than a lawyer can get, isn’t it in your best interest to do it yourself?
Obviously, Kevin and Fred are opposed to the idea of lawyers negotiating short sales. This is, in part, because of their miserable success rate. Additionally, though, as an agent you have a responsibility to your home owner to protect the home owner. That responsibility does not necessarily exist with a third party negotiator. As an agent, you are invested in the house owner and the house owner is invested in you.
One of the other crucial points to understand is that you are a real estate agent and you recognize the comps, the market and the offers. The lawyers do not have first hand facts of those particular real estate issues.
If you have questions, get your Short Sale questions answered by Short Sale Specialists.
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Fred Weaver is a founding co-owner of Group 46:10. He has been working in the financing/real estate business for over 7 years. Fred began his real estate career by working for a large wholesale bank as a processor and rate/lock specialist for home mortgages. After 2 years in the business, Fred transferred from the banking side of home loans to the mortgage side. While on the mortgage side of financing, Fred gained experience originating mortgages and processing files for Morgan Capital of Arizona, Inc.
Kevin is a founding co-owner of Group 46:10. He began working in the real estate business in 2007 after spending 8 years working in the finance industry for companies such as Bank One, Green Tree Financial, & GE Capital.