In looking for a business that offers these services, and eventually an individual negotiator, there are several qualities to seek:
- Proximity and Physical Establishment - An ideal negotiation team is not only licensed in your jurisdiction but also located in or around it. The business you're looking for should have an actual location that you can visit so you can meet with your negotiator for a consultation and for periodic follow-ups or to hand-deliver documentation.
- Be wary of businesses which only seem to exist on the internet. Also be wary of solicitors who contact you directly over the phone as they may not represent a reputable business and may even work on behalf of the bank that services your loan.
- Eperience in the Field - Look for a firm with a good deal of collective experience. You shouldn't look for a business without any reviews or testimonials because this may strongly indicate either a lack of effectiveness or a lack of experience. In meeting with a short sale negotiator for a consultation, you have every right to ask how long they have worked in the field and roughly how many short sales they have closed.
- Presence of Attorney(s) - Having an attorney as a negotiator or at least having one or more employed at the business is an extremely valuable tool. Depending on your jurisdiction, an attorney may have more authority and more tools available to mediate the foreclosure process. In some states and some cases an attorney can halt an active foreclosure in the court if they can prove that the bank has not given ample consideration to an offer. This legal maneuver is called a motion to stay in Maryland and an injunction in the District of Columbia.
- This is a more complex aspect as the actual requirements vary between different jurisdictions. There are states where the negotiator must either be an attorney or working under one in order to legally negotiate a short sale on your behalf.
- Presence of Realtor(s) - Realtors also have a wealth of knowledge in the real estate field. It is also beneficial to just have a Realtor or Realtors in the office as they may be more familiar with the area, home values, and comparable properties.
- Pricing and Fee Schedules - Any business worth its salt will charge for a short sale as it is a difficult process for one to negotiate. That being said, pricing and fee schedules should be considered strongly. Be sure to ask exactly what you are paying for and when your payments are due. The majority of firms will charge a portion of their total fee up front and the remainder upon the completion of a short sale.
- Rapport - Finally, you should select a negotiator who you actually get along with. In your consultation you should consider if the person you are meeting is someone with whom you should work. Make sure to ask any questions you have about the services they offer and gauge their answers carefully. If by the end of the consult you do not have a feeling of relation or trust, you should consider meeting with another negotiator, possibly at a different establishment.
A short sale is a service and you have every right to be selective in who you will hire to perform it. It can be difficult to settle on one provider given the myriad of businesses that exist, especially since the recession. To paraphrase a mentor of mine, people aren't looking for a website with pictures of money bags, promises of the world, but no indication of skill and experience.
I have worked for the Law Offices of Jill Pogach Michaels located in Maryland, which also does business in Washington DC and Virginia, where I've gained my three years of experience in the field. I can personally say that they are an establishment which possesses all of the qualities I have outlined above. Look for the stand-out business in your community and find an individual there who you believe can help you best. Also, check your local laws in order to see the legal requirements for a business to offer the service.
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