For the last FIVE short sales I had an agent that has done EVERYONE of my BPOs. That made me say hmmmm.....
Then ALL five were DENIED. So, when the first one went to sale and I lost it I called the bank. Let me give you an example. I have the house listed at $110,000. First offer $95,000 REJECTED. Second offer $103,000. It would make sense that the BPO would come in around $110,000. I have comps to prove it. The bank would accept roughly 90% at worst....
I called the agent yesterday. He claims that the BPO company is telling him to use FAIR MARKET comps. He told me that our market was not REO driven because it was not 50% REO.....
I say that the property is a short sale.......which is a distressed property. Therefore, the comps used should be REO and short sale comps.
What I think burned me more than anything is he says, "I do 10 BPOs a day." My response, "In a balanced market there would not be such a high number of BPOs in our area." WORSE, "I do not care about your sellers. Let them go into foreclosure. You aren't doing your job if you cant save them. I am here to provide for my family and don't really care about your clients."
Now, for those of you that may say I was trying to influence the BPO. That was not my objective. There were no active BPOs to discuss. I called to come from contribution. I really wanted to know WHY!!!!! If his overpriced BPO is going to stand in the way of a foreclosure then I owe that to my seller to let them know there will be obstacles.
THANKS FOR LETTING ME RANT.
Now, HELP!!!!!
1. What company do you think he is working with?
2. Would I be crossing the line to call them to see what there "standards" are for short sales?
3. Any other suggestions would be greatly appreciated!
4. He is actually working for the bank, isnt he doing them a disservice to over price the house? Some of them are a month from foreclosure........
THANKS ACTiVE RAIN!
Comments(5)