Tuesday, 21 April 2009

Short Sale Investing Strategy- Know the 3 types of Loss Mitigators

By Jeff Kaller

According to the real estate expert, Jeff Kaler, there are 3 types of loss mitigators.

The first one is the All Business Mitigator. An all business mitigator is completely matter-of-fact. They don't need the drama and are productivity driven. Most will have high experience qualifications. It will be tough to develop small talk and they are driven by deadlines. Use this to your advantage by setting an appointment for follow up. It will be easy to validate your points as long as you have the ability to back them with factual information.

The next one is the Talker. Basically, they got the position in Loss Mitigation because they liked to be on the phone all day. They like to talk about things that are going right, things that are going wrong, anything they can possibly flap their lips about.

Lastly, we have The Mushroom Mitigator. They kind of sit in the corner, they take these calls; they're usually brand-spanking new, so you must ask some open-ended questions to basically draw them out of their shell. "All Business" and "The Talker" questions are going to apply with these folks, but your goal is to determine their level of experience.

Learn to deal with the different types of mitigator personalities. Here are some tips.

To deal with the All Business Mitigator, always be listening for critical information that is not being directly communicated. Most mitigators have a sublevel of communication. They want to get the deal done; they want the same thing that you want. The reason that a lot of investors don't get what they want is because the investor is just difficult to deal with.

As for the Talker, ask them fun questions. Where you do vacation? Just build a rapport with them. "Hey, how does this work with files? I've always wondered what it was like. Do you really get bonuses off these deals and what's it look like? I wish I could make more than what I'm making on these deals as I help my boss with them, but you know I'm kind of stuck where I'm at." Become their friend, and then pump them for information. What's their opinion about third party bidders? Get as much information on the file as you can. What's the lowest loan-to-value they've ever seen approved? Talk openly to them.

When you are talking to Mushrooms, always find out how they want to communicate. That's one of those things that you start with, so ask it to them and frame it in that conversation. "How would you like to communicate with me on this deal?" There should be no open-ended conversations. You let them know when you're going to get back to them and you put it on the outside of the folder. Make notations in the file because if you don't, there is going to be some flip-floppy back and forth, nothing will ever happen. You'll never get to where you want to get in the short sale business or business in general unless you give deadlines. Constant deadlines for everything are what this crazy business is all about.

When speaking to any of these type personalities be aware of how you are coming across. Be direct and sound confident.

Get more expert advice from 7 Secrets To Foreclosure, Pre-Foreclosure, And Short Sale Investing by Jeff Kaller.

About the Author:
An expert in foreclosure, Jeff Kaller has over 10,000 dedicated students who have made money in short sales. To learn how you can make money in a declining economy, in as little as 9 days, visit Jeff Kaller's site and become his protege!


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