Hi,


In our market it seems that 50% of the sellers owe too much. This is new in our market. How are others dealing with this.
The options as we see them;
1) Forget the seller, find another.
2) Get the seller to find the money to cover the negative equity. (very rare that they can)
3) Deal with the lender to get the lender to take less. Short sale. This is not a great option for the seller but better than foreclosure.
4) Loss Mitigation. Work with the seller and their lender where by the seller is allowed to sell the home but will pay the negative equity back as an unsecured line of credit.

Any dealings with the lenders is a 50/50 shot at best. Always a huge hassle. They always go after the commissions.

What are others doing to work with sellers who are upside down?

David, you forget that in a short sale, the lender needs us (and our deal) a lot more than we need them! When they go after your commission, just stand firm and tell them hands off! As you said, these deals take extra time, care and experttise. And that does not come cheap!

Sandra Nickel

Have you been able to charge more....greater than the average commission in your area...when dealing with short sales?

this is interesting as well

www.titaniuminc.com