Shore Letter Initial
 |
 Jim Shore Letter Initial MONOGRAM BLOCK LETTER I $4.99 Time Remaining: 27d 7h 50m Buy It Now for only: $4.99 |
 Jim Shore Letter Initial MONOGRAM BLOCK H 4013215H $9.99 Time Remaining: 6d 19h 15m |
 Jim Shore Letter Initial MONOGRAM BLOCK S 4013215S NIB $12.95 Time Remaining: 22d 5h 37m Buy It Now for only: $12.95 |
 Jim Shore Letter Initial MONOGRAM BLOCK I 4013215I NIB $12.95 Time Remaining: 22d 5h 56m Buy It Now for only: $12.95 |
 Jim Shore Letter Initial MONOGRAM BLOCK P 4013215P NIB $12.95 Time Remaining: 22d 5h 56m Buy It Now for only: $12.95 |
 Jim Shore Letter Initial MONOGRAM BLOCK B 4013215B NIB $12.95 Time Remaining: 22d 6h 36m Buy It Now for only: $12.95 |
 Jim Shore Letter Initial MONOGRAM BLOCK O 4013215O NIB $12.95 Time Remaining: 22d 6h 36m Buy It Now for only: $12.95 |
 Jim Shore Letter Initial MONOGRAM BLOCK R 4013215R NIB $12.95 Time Remaining: 17h 51m Buy It Now for only: $12.95 |
 Jim Shore Letter Initial MONOGRAM BLOCK F 4013215F NIB $12.95 Time Remaining: 2d 1h 11m Buy It Now for only: $12.95 |
 Jim Shore Letter Initial MONOGRAM BLOCK N 4013215N NIB $12.95 Time Remaining: 22d 6h 56m Buy It Now for only: $12.95 |
 Jim Shore Letter Initial MONOGRAM BLOCK U 4013215U NIB $12.95 Time Remaining: 22d 6h 36m Buy It Now for only: $12.95 |
 Jim Shore Letter Initial MONOGRAM BLOCK Y 4013215Y NIB $12.95 Time Remaining: 22d 6h 36m Buy It Now for only: $12.95 |
 Jim Shore Letter Initial MONOGRAM BLOCK X 4013215X NIB $12.95 Time Remaining: 22d 7h 16m Buy It Now for only: $12.95 |
 Jim Shore Letter Initial MONOGRAM BLOCK Z 4013215Z NIB $12.95 Time Remaining: 22d 7h 16m Buy It Now for only: $12.95 |
 Jim Shore Letter Initial MONOGRAM BLOCK Q 4013215Q NIB $12.95 Time Remaining: 22d 7h 16m Buy It Now for only: $12.95 |
 Jim Shore Letter Initial MONOGRAM BLOCK T 4013215T NIB $12.95 Time Remaining: 22d 5h 56m Buy It Now for only: $12.95 |
| Account limit of 2114 requests per hour exceeded. |
When Negotiating a Short Sale, This is What Rapport Does for You!
“I saw your name on the coversheet, and great, I love working with these guys!” Those were some of the first words that the new negotiator at GMAC said upon his phone call informing me he was now handling this file. And that was when I knew that this deal was going to happen, it was going to close.
The deal in question involved two mortgages, a tremendous amount of debt, and a fair market value that had dropped from over $400K down to the mid $200K’s. Both mortgages were staring at a big loss and the buyer’s were NOT coming in droves. Because of the high BPO, the deal quickly had to be converted from a big spread “wholesale short sale” to a fee based “retail short sale”. We then had to not only quickly find an end buyer willing to pay 85% of the BPO, but we also had to find a buyer that was willing to pay us a loss mitigation fee inclusive of their offer.
There’s a little background, now down to the details. As I said, the property had two mortgages. The 1st mortgage was only allowing $1000 to the 2nd mortgage and the 2nd mortgage wouldn’t cooperate unless they got $6000 at closing. So the first challenge was to meet that requirement. By working with the offer price and the buyer’s agent, I was able to get the buyer first to agree to pay the difference, by us negotiating seller’s concessions for the buyer (which he had not requested in his initial offer. The next step was to get the 1st mortgage on board. At first they only agreed to pay half the concessions that the buyer would need to pay the 2nd mortgage, but I continued to push and got an approval for the full amount, and in turn the written approval letter from them.
I then proceeded to attack the 2nd mortgage. Now that I could depend on the sum they required at closing (which, incidentally, they had already approved on a prior offer), I was not only able to sell them on the fact that the 1st mortgage and the buyer were on board to pay them, but also to remind them that they had already approved the amount I was proposing. And now for the icing on the cake - the negotiator at the 2nd mortgage was a rep that I had dealt with on a prior short sale and built a level of trust and rapport with. So after the property closed he told me that the only reason he did a deal this creative was because he was dealing with me and my company and that it was a pleasure working with us!
The BIG Take – Away
Always, always be professional and courteous when dealing with any and all negotiators that you face. You never know when you’ll see them again and they’ll be in the position to either make or break a deal for you. Make sure they have an overwhelming desire to make the deal for you!
View more articles about the preforeclosure industry and investing in real estate at http://www.realestatebusinessmentors.com
Have a question about short sales or ank negotiating? Visit http://www.askboblachance.com to submit your questions!
About the Author
Before joining North Shore Enterprises (NSE) in 2004, Bob Lachance was a 4-year-collegiate-scholarship athlete in ice hockey at Boston University where he won a National Championship in 1995. After leaving BU he enjoyed a successful 8 year career as a professional hockey player. Upon retirement from hockey, Bob completed several profitable real estate rehab projects for his own benefit. He then joined NSE as an associate responsible for property acquisitions and loss mitigation/lender negotiations. Bob brought the same determination and work ethic that lead to great success in his professional sports career and thus generated more acquisitions and short sale acceptance letters in a shorter time frame than any associate before or since. His outstanding performance led to a promotion to partner in 2005. Since that time, Bob has taken responsibility for all the day to day operations of NSE. As partner, he has overseen the acquisition of, the loss mitigation, and the disposition of over four hundred properties. Bob continues to be directly responsible for identifying good candidates for acquisition and for overseeing bank negotiations, and has been essential to the success and growth of NSE.