We've talked already about how stress can complicate anything - even when it's not your stress! In some ways, loss-mitigation specialists have to deal with the same problems that homeowners facing foreclosure do - after all, they're just dealing with the other side of the coin! The good news - for you and them - is that your simply being aware of this can make a loss-mitigation specialist your new best friend, and if that specialist happens to work at a bank in an area where you hope to do a lot of business, this can pay off big both immediately and into the future.
Here are some things that you're probably already doing for yourself that will dramatically improve or facilitate your burgeoning relationship with lenders and bankers.
Make things easy. Just like you spelled out what you needed from the homeowner, go ahead and spell out what you know (and what you need) here. There is nothing like a clear, concise and politely worded checklist to make any administrator's life easier. And it will help you keep track of things as well because everyone - you, the loss-mitigation specialist, and the homeowner - will literally be on the same page! Make sure it's all legal. No one wants to devote a lot of time and energy to a project doomed to fail, so use a standard contract that you know is fool-proof. Get your lawyer to double-check contracts, deeds and other legal documents to make sure you haven't overlooked any vital details that could negate all your hard work - and all the loss-mitigation specialist's hard work - later.
One or two duds and your reputation with that administrator is going to need repair, but if transactions with you are always smooth, then they'll be eager to help you every time you call. Be the middleman. Frantic homeowners are not fun to deal with, which is one major reason lenders prefer to avoid foreclosures. The whole process is painful, time-consuming and, on a personal level, depressing and stressful. You're making a pretty easy profit here, so do that poor administrator a favor be the go-between when possible.
After all, you're the one who's developed a rapport with the homeowner, so it probably will be easier for you anyway. If you relay information (whenever possible, of course) in a timely, pleasant and straightforward fashion, you'll score big points with everyone. Say these magic words easily and often: "Thank you, I appreciate your time and ________________." Even if you're not in an appreciating mood, not only will a simple thank you defuse a situation, it can even calm you down. Everyone likes to be thanked and appreciated, no matter how simple the task they may have undertaken. And it's hard not to help someone who's telling you how great you are.
Furthermore, administrators are often overlooked (especially in large corporations, where a team of them may handle day-to-day business), so this simple sentence can make a lasting and positive impression that will stick throughout this negotiation and into future endeavors. Just like the homeowner, the loan officer doesn't want to feel like this difficult situation is their fault, and remember, you're the answer to this problem. So far, we've talked about things that you can do to work with other people on a short sale, but what are some things for you to look out for?
About the Author
Our names are Neal and Cory Barnett and we haven't always made a lot of money. We are two brothers who came from a large family raised in a small town in beautiful North Carolina. We came from a family of factory workers and farmers because that was about all there was to choose from that far out in the country. TO find out more go to www.discovershortsales.com
