Today, I encountered something that I had never encountered nor ever heard of anyone else encountering either. I received a call from a short sale negotiator with regard to a package I submitted. List price: $75K. Offer: $79K. So, in my mind, I thought this was a slam-dunk (well as close to a slam dunk as a short sale can get, right?)
Well, I was COMPLETELY wrong!
The negotiator informed me that based on the interior BPO and their in-house appraisals, the purchase offer was too high and that the Buyer needed to submit a LOWER OFFER!
Typically, at this stage in the game, the negotiator often calls with the exact opposite news. Often times, the process turns into a huge debacle between the listing agent and the lender because many times the lenders have a higher value than the purchase contract. Not so this time around...
So, today was really a pleasant surprise. And, I am sure it will be an even bigger surprise to the Buyer who gets to pay about $15K less than what they originally offered to pay.
So, does this take some of the steam out of the argument that banks are just all about how much money they can get, and sometimes clueless when it comes to valuing properties? Is this a good sign of things to come? What do you think?
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