North Andover Massachusetts Short Sale Negotiator isn’t doing his job!

Liz at Short Sale Mitigation, LLC in my office is the negotiation manager for our firm.  She is excellent at what she does and is known around the real estate community for being able to get the job done.  This is a quick, funny and scary story about her nephew.

Her nephew is putting in an offer on a Short Sale in North Andover.  The listing agent hired a law firm that specializes in short sales in Massachusetts to negotiate the file.  We aren’t used to not being able to drive the short sale process, but Liz who is a licensed agent and representing her nephew sat back to wait patiently.

Liz is now three months into the submission of the file and getting little to no communication on the progress of the file.  If you knew anything about Liz, she is goal oriented and not one to WAIT for things to happen.  She was all over the listing agent who I actually felt bad for. She didn’t have short sale experience so she thought she would do the right thing and hire someone who did.

There is a big difference in negotiating a short sale file in Massachusetts vs. submitting paperwork and “processing” a file where you submit paperwork and sit back and wait for a response and essentially that is what was happening with this file.  Liz was all over the listing agent looking for updates, trying to understand why three months after submitting the short sale file, it was STILL not assigned to a negotiator.  Now, not every short sale file is the same.  We submitted one file in Londonderry, New Hampshire that was submitted and approved in 3 weeks, and we negotiated one file in Wellesley, Massachusetts that did take almost 3 months to assign, but there were also circumstances we knew behind that, but NORMALLY it would not take three months to assign a CITI file.

Last week, Liz got a call from CITI, who is the seller’s lender.  We’ve done multiple sales with CITI.  They asked LIZ to negotiate the file.  We are not sure exactly how they got her information, other than they could have recognized her name from some of our other files or the listing agent supplied her contact info, but we were both taken off guard.

It’s not typically that someone representing the buyer negotiates the short sale, except for maybe a short sale investment firm, but Liz was happy to get behind the driver’s seat.  The attorney working on the file is now sitting on the sidelines for not doing his job.  Within 24 hours Liz had the file assigned to a negotiator and things are underway.

I’m happy to say that it’s perfectly acceptable to have the buyer’s side negotiate the sale, ESPECIALLY if the seller’s side is not doing their job, but of course everyone needs to be in agreement.  The seller was happy to give Liz the reigns and I think she feels comfortable now knowing the job is about to get done!!

The moral of the story? Interview your short sale negotiator and ask them in what time frame do they estimate the job to get done?  Ask them how they communicate and how often?  Please see my tips on working with a GOOD short sale negotiator

Maryann Little, VP Mitigation
Short Sale Mitigation, LLC
AA Premier Properties, LLC
Massachusetts and New Hampshire short sale negotiation

Liz, Nick, Julie, Maryann

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