What's up guys! Ok here's the thing...I have a property, did the bpo right? Brought the value in 25k under what the list price is. Now the property is just sitting, and sitting, and sitting. We finally received and offer on the home after 4 months of it being listed. The A.M. rejected the offer. WOW...the offer was my bpo price. So now we are back on the market again waiting on an offer. I did another BPO and he only reduced the price 2500.00 We are still the highest price home in this area. So when an offer is presented how do you think the AM choose whether he or she will accept or counter the offer? Do you think it's a numbers game or bonus or what? Your thoughts....
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I think they check the Magic Eight Ball for the answer. LOL. J/K
OK really I am not sure if this is exact but here is my guess. They are given guideline for the offers they can accept and these guidelines are for a certain net amount. These are handed down by the actual seller / investor who owns the loan. These are based on how the overall portfolio is performing and the type of loan that was secured by the real estate.
i.e. when we sell stuff for one of our subprime clients they generally price more aggressive and take offers that are further from list price then our none subprime clients.
I also believe that these are the things that are dictate the BPO vs the Price and the amount of the price reductions.
However, some of our clients just plain always start above the BPO and then reduce only 5-10K until it is sold. These clients I believe have rules handed down from management that dictating that craziness.
Also, the bonuses for AMs are generally based on achieving a closing volume, with on time closings and tasks done on time. They are basically graded just like we are.
So the answer is for offers it is different every time, we will probably never figure it out and I have no idea what they do so I just guessed above. LOL. Laters my man. hahaha
What's up Anton! Of course their process is something in "Mars" lol! But your answer was a good one. I to think that "Management" has a lot to do with why some of our offers are not accepted or countered. Oh well....We can only list and sell I guess. Because why would we debate with our AM? Then you risk the possibility of getting the big R word. REASSIGNED!
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OK really I am not sure if this is exact but here is my guess. They are given guideline for the offers they can accept and these guidelines are for a certain net amount. These are handed down by the actual seller / investor who owns the loan. These are based on how the overall portfolio is performing and the type of loan that was secured by the real estate.
i.e. when we sell stuff for one of our subprime clients they generally price more aggressive and take offers that are further from list price then our none subprime clients.
I also believe that these are the things that are dictate the BPO vs the Price and the amount of the price reductions.
However, some of our clients just plain always start above the BPO and then reduce only 5-10K until it is sold. These clients I believe have rules handed down from management that dictating that craziness.
Also, the bonuses for AMs are generally based on achieving a closing volume, with on time closings and tasks done on time. They are basically graded just like we are.
So the answer is for offers it is different every time, we will probably never figure it out and I have no idea what they do so I just guessed above. LOL. Laters my man. hahaha