Training for Short Sales & Mortgage Loss Mitigation to Stop Foreclosure

Contacting the Short Sale Negotiator

February 27, 2009 by  
Filed under Short Sales Stories

chris-laurenceThere is a lot of aggravation amongst Realtors about getting to ?speak to the horse?s mouth? when handling offers on short sales. As long as events occur like my recent experience, the problems will continue.

Over the weekend, I received an offer on my short sale listing. The Sellers were already approved ?in principle? for short sale, and GMAC Mortgage had full authority to talk to me as the Realtor for the seller. However a couple of weeks ago, the sellers had been told that foreclosure proceedings had re-commenced.

First thing Monday, I called the Loss Mitigation helpline and found myself speaking to a young lady who didn?t seem to even comprehend the broad concept of ?Seller?s Realtor ? offer ? where do I send it? ? need to postpone foreclosure?. I asked to speak to a supervisor. The Supervisor was clearly a ?phone supervisor?, not someone who could speak knowledgably about the process. I was given a fax number to send the offer, but told that it would be several weeks before the offer would be ?analyzed?, and several weeks before they would consider stopping the foreclosure process. I asked to speak to a negotiator and was told that I couldn?t because I had to wait those several weeks until the offer had been analyzed. When I explained that several weeks would be too late to stop the foreclosure, the supervisor stated arrogantly ?then we will have to take that chance?.

In other words . . . the loss mitigation helpdesk did nothing to help the borrowers or GMAC Mortgage. A less experienced or determined Realtor may have given up at that point and told their seller that it was too late.

I faxed the offer complete with a lot of other information (full listing details and history, estimated net proceeds, CMA, commentary on the market, etc) and sat back and prayed. The next day, within 24 hours, I had a complete and comprehensive email giving me a contact name with full contact details, a confirmation that the foreclosure had been postponed, a statement that BPO?s had been ordered, and a clear timeline for the entire process. Excellent!! Exactly what I wanted. This renewed my confidence in GMAC Mortgage and the system.

The PROBLEM is that the Loss mitigation helpline did not reflect any of that. The original person who answered the phone had no clue, and the supervisor gave wrong and misleading information. THAT is where the problem is.

I appreciate that these helplines are swamped at the moment, but they have to develop a way of quickly and efficiently sifting out the genuine offer that needs action, from the ?general inquiry?, and quickly pass that call to a knowledgeable and experienced person who can fully explain what is required and what will happen, so that they can put Realtor?s and borrowers? minds at rest. GMAC Mortgage, are you listening?

Our thanks for this post that was added by Chris Laurence, a Realtor in Front Royal, Virginia (near Washington D.C.). To contact Chris go his website

Comments

5 Responses to “Contacting the Short Sale Negotiator”
  1. I am blown away that some people accept the word “NO” and just put their tails between their legs and think that it the final answer. The first things about this business is that salesmanship (ok…the work) “begins” when you hear your first “no”! — I never take that as a “no”, but know it’s now time to “roll up your sleeves and work out the best strategy to go after what you need from another angle! — To get anything done in this industry…and actually in life, one must perservere! — So just know that the voice on the other end of an “answsering phone” probably doesn’t have a clue…and your job is to find out how to move up the ladder. Provide them more information than they will ever need…fax, overnight….certify it…make it stand out to get the attention of the people who really are in a decision making position….Honey and professionalism is No. 1! I am amazed that some people here the response “no” and think it’s the gospel! — Thanks for sharing important data to help us come up with strategies we need in this market!

    • Tim Burrell says:

      You are so right! In my book, Create A Great Deal, the Art of Real Estate Negotiating, one of the rules is to never accept the first NO. see http://www.CreateAGreatDeal.com . No is just an opening negotiating position. Your advice to find someone with the authority to say yes is exactly right, that is why they call it work. Thanks for your insight.

  2. Preston Miller says:

    Tim

    I have gotten the same response as above from GMAC this morning. They finally cleared the file to be assigned to a negotiator but the 3 people I talked to including the the supervisor said, “45- 60 days and they could not let us talk to the actual negotiator until they contacted us. I’ll call again tomorrow and the next day until someone lets me through the chain but they really have no idea what they are doing. Wells Fargo verbally approved our other short sale in less than a week.

    Preston

  3. terry says:

    what number did u fax it to??

  4. I was looking through some of your blog posts on this internet site and I think this website is very instructive! Continue putting up.

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