I believe its pretty commonly known (or assumed) that many lenders will accept no less than 86% of "value" (net) on their negotiated ss. At least I have heard that from several negotiators and other ss agents. My question is: Does anyone know where the line in the sand is for a traditional short sale negotiator to say, "that is outside of investor guidelines and I cant even counter the offer." I have had several lately (due to inflated BPOs - I know its hard to believe, but there are agents who do it on purpose) where the Wells negotiator simply said, "that is so far I out, I cant counter." Ideas?
Again not all cases, just rule of thumb kind of thing. The Wells folks are great at allowing me to dispute because they are all starting to see that racket that BPOs have become amongst REO agents. I have shown them a few cases of inflated BPOs and they were blown away, and then they said, "well, that makes sense why they do it."
Tags:
Jeff,
I really like the heads up to the negotiator that the agent gets REO listing from their company and that you believe it might be a conflict and could they "in the interest of all concerned," assign another BPO agent.
I think that should be the standard line for these where we clearly know this could/will happen. In fact, when the BPO agents call me from now on, I am going to ask them a few questions: "Do you, your company, or affiliates take or accept REO listings from this lender/servicer?" If so, then I can inform the negotiator there is a potential conflict or non-arms length relationship here and we should protect everyone by reassigning the BPO. I believe that, at a minimum, will become standard operation procedure for my team.
Cheers
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.