Short Sale Madness

By
Real Estate Agent with Real-a-Save

Note to all short sale agents: honesty is the best policy.  The Denver real estate market continues to be a hotspot for short sales.  The main problem here is that there is sometimes a complete lack of communication between lenders and listing agents.  Even to the point where listing agents DO NOT consult the lenders on price changes, or even the initial list price.  This makes for some horrible waiting for potential buyers, followed by massive disappointment when the offer is turned down by the lender.  

That's right. Even full price offers have been turned down by lenders because the listing agents did not share their pricing strategy with the lender.  Seems odd, doesn't it?

What's even worse is the dreaded BPO.  Banks will pay random agents fifty bucks to do a BPO- broker pricing opinion.  They get a couple of these (from brokers who may or may not have ANY experience, and who are not listing the property) and this helps the bank justify pricing.  Incredible.  The banks once again are creating a mess for themselves.  

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Location:
Colorado Denver County
Tags:
denver real estate
foreclosure
short sale
denver

Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
12,101

Denver/Boulder Colorado Real Estate

Ask me a question
*
*
*
*

Additional Information