In order to succeed in short sale work, it requires good negotiating skills and creativity. Goldie Sommer must convince the lender that her client and the bank have a mutual interest in selling this property in short sale. There have been times when she has been able to get relocation or concession fees to her clients, paid by the bank.
Her largest short sale involved a mansion where the outstanding loan balance was $5.5 Million and the sellers were losing the home due to illness and reduction of income. Goldie Sommer successfully negotiated a sales price of $1.25 Million and the lender waived the deficiency balance for the sellers.
After 2008, when the housing market in the United States collapsed, Goldie Sommer has worked with a lot of homeowners who faced foreclosures of their properties.
Many homeowners who are facing foreclosure are not even willing to admit that they have a problem. They are looking to borrow more money to pay for the loans that they already have, which is rarely a sound strategy. The only scenario in which borrowing more money does work is when old payments are rolled back into a new loan with lower payments. Refinancing loans with delinquencies is often very expensive and comes with high-interest rates and processing fees.
Generally speaking, trying to help those who think that they don’t need help is often impossible. This is why you do not want to spend too much time talking to people who are in denial about their problems.
If someone admits that they have a problem, start with explaining the consequences of a foreclosure. Outline how a poor credit score can lead to higher interest rates in the future, how they will lose their equity and have to move out of the home eventually.
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Most sellers, even in distress, expect you to come to their home. To test their motivation and willingness to negotiate, you can ask them to come to you. Tell them to bring all their house-related paperwork, including title insurance, loan documents, closing documents, and any refinancing correspondence. A review of these documents will give you the information you need to make a decision about being interested in getting involved with the homeowner and the situation. If it doesn’t, get help from an attorney like Goldie Sommer.