3 months ago I got a new account out of the blue who gave me a listing. Did all the pre-list tasks and then the bpo which came in at $450k. (reo is 5 miles from my office and 3 miles from my house so I know the area well.)

The appraisal came in at $599k so bank listed it at $590k. Severely over priced, we decided to deal with it and just wait for the msr to come along and ask for reduction. Keep in mind this property last sold in 2006 for $540k.


MSR comes and I double check all comps and still come in at $450k. 60 days in and 3 showings. Feedback is price is to high and they will just wait for the reduction. 2nd bpo comes my way and my value is still $450k. Bank orders 2nd opinion bpo that comes in at $469k.


AM calls me today and says she has good news and bad news. Good news is seller is reducing to $549k. Bad news is that if I don't get under contract in one week it gets reassigned as that's the sellers policy. Now they're contesting the appraisal, which they won't allow me to see so I would be able to justify my price.


The dilemma is that there's no way it will sell in 1 week and it's going to get reassigned. I need suggestions on how to handle this with the AM company because I obviously want more listings from them??


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  • Try to get more "regular" sales. . . ..  these REO's are getting to be a headache!
    • Lol, not happening in my area. The only thing moving is reo's and short sales.
      • try upper management with good expanation. It worked for me not ones with reos and short sales.
  • Let it go...It's not worth the headache. Unfortunately they will get re assigned time and time again. I had it happened to me recently, they listed with another agent for what my bpo came in at and within 1 week it was closed! WTH! But it's apart of the business...Good luck

    • I'm not worried about it being reassigned as I know it's part of the game. In fact that's how I got my start in this business. I'm just trying to strategize how to keep the account since this was my first listing with them. Thanks for the feedback.
  • I just love getting re-assignments.
  • It 's unfortuneate that the value was set with so little regard to the bpo's.... it happens. The re-assignment after  60-90 days is typical. Not an easy situation but I would recommend that you have a "concerned" conversation with your AM.... Let her know your aware of the protocal but hope she is aware of your good efforts. A "normal" AM will understand your concern as well as the protocal and should continue to send you listings.....speak w/ her/him.... I'm sure they will give you more work....

    Just a thought for you,... this is part of the game.

    Hope this helps!!


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