Looking for opinions in when you are the listing agent and a servicer without delegation authority counters the offer. My gut reaction is to say"the servicer does not have the authority to decide on your offer, but the offer does not meet the investor's minimum standards to proceed to them. It is possible the investor will want more. Is that too negative?

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To know if they do have delegated authority, ask the Servicer if you have a Tier I, Tier II, or Tier III approval.

 

Servicers have "delegated authority" if you have given them an offer with a Tier III approval.

 

Quick lesson in "delegated authority" and the 3 approval tiers:

 

Your offer to the Servicer will be evaluated against:

1)     The Investor’s acceptable appraisal or BPO valuation percentage - your gross offer compared to the BPO valuation

2)    The Investor’s acceptable percentage of value to offer - your NET offer  compared to BPO, this number is typically 82% - 92% of the BPO value depending on who the Ivnestor is

3)    The Investor’s acceptable percentage of total loss – total amount owed compared to the NET you are offering (this varies by county and reflects the “average loss” in that county)

 

As far as what the Investor wants, ALWAYS best to contact them directly.....

 

Keep fighting.....good questions you had.

 

Understand there are 3 levels of acceptance:

Tier I Approval – meets one of the criteria above

Tier II Approval – meets two of the criteria above

Tier III Approval – meets three of the criteria above

 

with a Tier III approval, the Seriver has "delegated authority" on short sales



Excellent post !  But in practice the servicer will rarely tell you the true answer. How do you get such answer?

Anyone got such issue answered?

it is generally irrlevant, but, to find out where you are, you can always just ask:

 

"Do you have "delegated authority" on this file"?

 

A 'yes" will tell you there is wiggle room immediately...if you get a "no", again, youc an ask above based on teh above:

 

Do you NOT have delegeated authorty b/c the offer is too low, losses are too great, or, teh "net" to your Ivnestor is not enough based on your valuation.

 

The key to ALL this stuff.....work the Servicer, then go straight to the Investor....git r' done!!!!!

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