Short Sale Brokers And Banks Ought To Work Together
Today seems like a nice day for a tale. So, today we would like to talk about a friend of ours named Raymond McRay from EMT Mortgage. We’re chatting about lender counter offers, legitimate and illegitimate. Ray McRay doesn’t appear to be the biggest fan of Group 46:10 to start. Nonetheless, we have prevail over that little point in order to speak about him today.
We were on the phone with Ray and we were talking about a counter offer that dealt with an short sale that was already perfect. The offer and the BPO were precisely the same. Nevertheless, Ray and the bank were counter offering higher than the BPO. And then the truth spilled out of Ray’s lips.
Ray proceeded to tell Kevin and Fred that he tells all of his negotiators to counter every offer, whether it is above, at, or less than the BPO value. Ray explained that he was simply trying to squeeze every penny he could out of the arrangement for his investors. Essentially, this is a collection counter offer.
This is a greedy mindset at its most awful. To permit someone with this mindset to be in Ray’s standing is depressing and repulsive. The difficulty with this state of affairs is that the offer is satisfactory by the lender standards. Yet, Ray and his staff are trying to collect more money. So, an inexperienced real estate broker might assume that the counter offer from the bank means that the first offer is no good.
The end result is that Ray and his counter offer methods may be causing more loss. In a short sale deal, the lenders seem to be trying to hide their cards. If we open the books up and let everybody see the same information we can cooperatively mitigate more loss.
Get powered up by Kevin and Fred at Short Sale Power Hour by the Short Sale Specialists of Arizona
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