FriendshipProperties's Discussions

They are playing games.  The listing agent should have had the seller sign off on a single offer that they felt the bank would accept. (Based on a % of an estimated BPO).What buyer in their right mind would stick around for months only to get used as a bargaining tool to generate higher offers?  I would walk, but that's up to you.  Good Luck!

If there is an offer then the property should be under deposit.

Its not the seller, its the banks short sale 'system'. It takes a week for each piece of paperwork to 'get in the system'.  Then you call 3 days after that (2 weeks) and see what their next step is. Two weeks to get assigned to a loss mitigator, a week to get the BPO agent out, a week to go over the BPO, 2+ weeks for the investors to approve the pay-off, a week to get the approval letter.  Its sad but I watch them lose easily $30-50k per property.

Present them with a BPO with comps and a repair list. Show that your offer is with-in 80% of the BPO Value.  If its not, your offer has little chance of being accepted anyway.

There's no centralized brain or logic.

I would also be very weary on how 'approved' the short sale is.  If its approved show me the approval letter with your name on it.  They can't.  If another offer was approved why isnt it under deposit?  Ok so maybe the bank approved the asking price to a CERTAIN BUYER at a CERTAIN POINT IN TIME.   Is the BPO and Seller Hardship Documents up-to-date?  After 90 days .. probably not.. which means they can start most of the process all over again.   So, while the Short Sale might not be approved, it probably has gone through most of the process already, the bank has verified the sellers hardship, assessed the properties value and knows how much they would like to 'net' from the sale.  If they find a new buyer with-in 30 or 60 days of that approval, then maybe hey can get an acceptance in 2-3 weeks IF YOU OFFER ASKING PRICE.

All they did is delay the foreclosure maybe 30 days or so.

I buy REOs often and always take the buyers side commission.  I don't think this matters to the agent.  Also these agents are very busy and do not have a lot of time to show around unqualified buyers.  If you dont have an agent, how did you get access to the property?

Have someone with MLS access run sales reports for agents who successfully closed multiple Short Sale properties in the area.