Talking to the Loss Mitigator or Crap! I'm Not Ready For This!

After my partner submitted the fax I called the bank to confirm its receipt. I was told they had it and would be hearing from the loss mitigator at some point the following day. Imagine my surprise when, 15 minutes later, he called to discuss the offer! Here I admit I was a bit nervous because 1) I have never submitted an offer to the bank and had no idea what questions he might pose and 2) I have no experience negotiating with a loss mitigator and was afraid I’d say the wrong thing.

I had been hoping that the mitigator would call when MM was around and that he would field the call while I listened, then I could try it on my own next time. But my phone was ringing and the auction is Tuesday so I just had to suck it up and answer. I took comfort in knowing that I knew my numbers, I was intimately familiar with the specific issues in the house and I knew a few important questions I needed to ask, even if I might not be given the answers.

Fortunately I got a nice guy, Jim, who I had a great, honest conversation with, which is not the norm for loss mitigators from what I have heard. He said point blank our offer was too low and that he could not cancel the sale next week in order to get a BPO done. The auction date had already been postponed once and the bank had seen no evidence that the home owner was attempting to remediate the situation until now, four days before auction. I asked what the bank was asking for at auction, something he did not have to tell me, and he said just over $100k. I asked if he would consider a cash offer if I could get it to him by Monday to which he replied maybe. He said the offer would have to accompany a complete short sale packet and that he would have to know I was not "yanking his chain". Remember what I said about submitting a higher offer contingent upon inspection and then lowering our offer? That is exactly to what Jim was referring. I told Jim I would contact my partner and call on Monday.

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