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I emailed the buyer's appraisal to the negotiator. We have been working with the 2nd offer since October. This is a portfolio loan, and the buyer is also getting a loan with the same lender.
"That is quite a bit of difference between our Interior BPO which was done in October and the buyer's appraisal. I will present to Senior Management and get back to you. It will be a week or 2 before I can get appointments to review with all parties involved. I will present all the information and we will go from there.....
What's funny is that this is a vacant land parcel. What exactly did the BPO broker look inside of?
I emailed the buyer's appraisal to the negotiator. We have been working with the 2nd offer since October. This is a portfolio loan, and the buyer is also getting a loan with the same lender.
"That is quite a bit of difference between our Interior BPO which was done in October and the buyer's appraisal. I will present to Senior Management and get back to you. It will be a week or 2 before I can get appointments to review with all parties involved. I will present all the information and we will go from there.....
What's funny is that this is a vacant land parcel. What exactly did the BPO broker look inside of?
I'm not sure if you are being funny here or not....
But they probably meant to use the word "Internal" as in their own BPO/appraisal.
It may have been a paragraph clipped from another document and changed as appropriate (missing Interior).
I think it is all a ruse. I don't think they are contacting senior management (there is no need). I also don't think they are going to call you. They want you to call them. They realize that you, as the agent, will only get paid if it closes as a short sale. If it goes to foreclosure, you get nothing. They are counting on you to become anxious.
When you do call in a couple of weeks, their response will be, "I just got done talking with senior management and they feel the terms are a little short". (they may add in that an auction date has been assigned or they have another offer). They will then attempt to negotiate your commission down or have the buyer come up with more cash.
It is not to say it won't still be a great deal for the buyer but the bank realizes that you, as the agent have the most at risk right now.
The above is all just my uneducated opinion and should be taken with a grain of salt.
I'm stuck on October. What does October have anything to do with it? It's January for god sakes.
And I'm assuming an 'internal' bpo would mean one that the bank ordered themselves...in other words their bpo vs your appraisal.
Again, down where I am, October would kick their bpo out of the box...they would have to order a new one.
Such strange times, eh?
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