Group 46:10 will be taking a short vacation from their show to go on the road to Italy for a little bit of rest and relaxation. However, there are lots of great episodes coming up. So, stay tuned to the week of information and instruction.
Today is about a issue that comes up fairly regularly but is very often misunderstood. Kevin and Fred don’t teach about it as much as they can, but that is merely because they don’t want to give it an credibility. The subject is lender counter offers.
Remember that the lender is not in fact a party to the deal, so they actually don’t have a right to counter offer. Occasionally, a lender will send you an approval letter with a rejection letter. In essence, the lender denies your first offer and then gives you the approval letter to let you recognize how much the offer needs to be in order to be accepted.
This is the instance when a BPO is the most vital. The BPO is important here because the lender is basing the counter offer on it. So, the BPO value that has been assigned to the home is completely essential because you can figure out if the counter offer is a mitigation counter proposal or a collections counter offer.
Here is the distinction. The mitigation counter offer is an offer where the bank employee can not approve the short sale. The collection counter proposal is a counter proposal where the bank employee wants to collect more money for the lender.
Tomorrow we will dive into a tale about an fascinating guy named Ray who didn’t quite understand his job responsibility and loved the counter offer. So check us out tomorrow.
Get powered up by Kevin and Fred at Short Sale Power Hour by the Short Sale Specialists of Arizona
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