While every lender follows different procedures, these powerful tips will help you successfully negotiate a short sale:
1. Keep a detailed log of all the calls and letters listing the date, time, who you spoke with, what you discussed, and any important details you’ll need later. You will always be in a stronger negotiating position if you can reference the exact history of your conversations with a lender.
2. Make sure you’re dealing with the real lender and not a “loan-servicing” company.
3. Be sure you’re negotiating with the person who has the authority to say yes. Ask if that person is able to accept the short sale or if someone else will have to make that decision.
4. Respond to all the lender’s calls and letters. Lenders in this department are used to working with borrowers who hide and ignore their correspondence. You can build a really strong relationship from which to negotiate a winning deal
by consistently communicating with the lenders.
5. Gently remind lenders of their real costs to foreclose on properties. The best way is by asking questions to draw out what hassles and expenses they face if they have to foreclose, take the property back, and resell it.
6. As a last resort, hint at or openly discuss the “BIG B”—bankruptcy. When the lender learns that the borrower might be forced to declare bankruptcy if you can’t work out a short sale, the lender just might have a change of heart.
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