I have a short sale in my neck of the woods which means it is going to be handled efficiently. Why? I know my areas, product and act accordingly. However, the bank called in a BPO and it came back higher than what is happening in my neck of the woods. To complicate it further, my negotiator likes playing Helen Keller
LITTLE COMMUNICATION IS THE STRATEGY?
I cannot get a word of acknowledgment, encouragement, guidance or input just NO every-time I submit an offer. However, I had a major breakthrough when this latest BPO came in. The bank while insisting this is the true value also let it slip...MAKE US A COUNTER
It is interesting to note that this is the second BPO. The first was for $225k and several months later the current one comes in for $215k. This is in line for me explaining the trend here and how people will not buy at premium pricing when the area shows a steady drop of dripping values...
TIME CARD PLAYED IRRESPONSIBLY
Months have to go by to get any professional dialog going with a bank. But the statement of "make us a counter was all I needed and ran with it. I marketed the property based on the true, local willing buyer/seller dynamics and received the accompanying offers.
CAN WE GET THIS DONE ALREADY?
Now, after submitting to the bank the latest," this is what is happening in this area" activities, I am waiting to hear their response. Will they take my offer or counter me? Accept the baby or split it up..?
PROFESSIONAL RESPONSE NOT WELCOMED
Amazing how my knowledge of the area, my years in the business and my responses to this bank mean nothing as far as getting things done. Some one can come along, out of the area, give any opinion and they go with that. The results are that something that should take 45-90 days tops goes on for 6-9 months...
BANKS ARE NOT BUSINESS PEOPLE
Banks have long held the image of being the epitome of business and responsibility. However, the recession and market crash has revealed other wise.....