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.