Find Best Short Sale Processing Companies Near You

A short sale negotiator means a third party short sale specialist. This person or a company organizes a settlement with a lender on behalf of a financially-distressed mortgage holder. The negotiator’s help lets the borrower short sell the secured property quicker and avoid the short sale falling through because of incorrect communication or other lender’s requirements. Sometimes, a short sale negotiation company is called a “short sale facilitator”, “short sale expeditor”, or “short sale coordinator.” Although these terms can be used interchangeably, a “short sale processor” and “short sale attorney” should not be mixed up. A processor or negotiator is responsible for facilitating the sale and handling documentation and communication. An attorney, on the other hand, focuses on legal specifics such as negotiating third party debt or postponing a foreclosure auction. While it is always a good idea to employ a short sale processor, it is only necessary to employ an attorney in cases with specific legal issues.

A short sale negotiator works for the seller to reach a favorable agreement with the lender and process the sale. The negotiator’s ultimate goal is to get a seller who has defaulted on a mortgage (most often on a residential property) out of any obligation to the lender. To do this, the negotiator works methodically and strategically through the process. First, they have the seller sign a third party authorization form. This makes them the seller’s official representative in negotiating a short sale, allowing them to get information on the loan and speak with the lender about it. Then, they obtain and submit necessary hardship documentation to the lender. The negotiator will have you sign where required, but will handle the actual short sale processing and follow up with the lender. Next, the short sale processing company will assign an agent to list your home for sale. Because agents often work for short sale processing companies, this is a seamless process. When an offer is received, the company, negotiator, and agent will review it and submit it to the lender, along with a preliminary settlement statement. The lender will then conduct a third party appraisal and accept or counter the offer. During this process, the negotiator remains your advocate, ensuring your best interests are represented and pushing back on the bank when necessary. Finally, the negotiator will attend the final settlement conference where paperwork is signed and the sale completed. After the sale is complete, the matter is fully resolved and the negotiator’s involvement ends.

After a negotiator is assigned, a short sale usually takes anywhere between three months and five months. However, in complex cases and slow markets, it can take up to one year. The short sale process timeline can depend on various factors. These factors include the existence of a second mortgage or IRS lien, the efficiency of the seller’s communication, and the eagerness of buyers. Regardless of the circumstances, an expert negotiator will ensure that the process moves as quickly as possible.

Who pays the short sale negotiator can vary depending on the state in which you live and the company you use. Sometimes the buyer pays the short sale negotiation fee upon settlement, and sometimes the seller pays it upfront. Many short sale processors provide service completely for free for the seller. But make sure you clarify about the fee structure and any obligations before signing a contract.

It is crucial that you use only a reputable, trustworthy, and experienced short sale processor. Otherwise, the process may extend longer than necessary or never reach settlement, leaving you facing foreclosure. So, when picking a local company, it is important that you consider only real short sale experts. When meeting with potential short sale processors, you should ask careful questions. First, you should learn about how many transactions they have negotiated and the average amount of time each one took. If somebody has “years of experience” but has only processed five transactions, move on. Second, you should ask about your specific case. You want to find an honest processor who will alert you to any potential complications and advise you on the best strategy. For example, if you have multiple mortgages on a house located in a weak market, be wary if a processor confidently says the settlement will be quick and easy. If you run an internet search for “short sale processors” in your area, you will probably be overwhelmed by the number of firms in your location. It is challenging to navigate these results, especially with all companies seeming to claim they are the best. Given all you have on the line, it is important to move quickly but carefully. HouseCashin takes the burden off your shoulders by offering a directory of the best short sale processors in your area. By reaching out only to processors on this list, you can quickly narrow your search and be confident in the services offered. HouseCashin’s directory will help you get through a stressful time more smoothly with the professional assistance you need.