Lender Counter Offers - Know The BPO And Know The Distinction
Group 46:10 will be taking a short vacation from their show to go on the road to Italy for a small bit of rest and relaxation. However, there are many quality episodes coming up. So, stay tuned to the week of details and learning.
Today is about a theme that comes up pretty often but is very often misunderstood. Kevin and Fred don’t teach about it as much as they could, but that is only because they do not want to give it an credibility. The subject matter is lender counter offers.
Take into consideration that the bank is not actually a party to the deal, so they really don’t have a right to counter offer. On occasion, a lender will send you an approval letter with a denial letter. In essence, the bank denies your first proposal and then gives you the approval letter to let you recognize how much the proposal needs to be in order to be approved.
This is the time when a BPO is the most vital. The BPO is vital here because the bank is basing the counter proposal on it. So, the BPO value that has been assigned to the residence is completely vital because you can figure out if the counter offer is a mitigation counter proposal or a collections counter offer.
Here is the difference. The mitigation counter offer is an offer where the lender employee can not approve the short sale. The collection counter proposal is a counter offer where the bank employee wants to collect more money for the bank.
Tomorrow we will dive into a narrative 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