Straw Offers Merely Make More Work For Everybody.
If you recall last week, Kevin and Fred chatted about Matt Vernon, the executive at bank of America who came to Arizona last week. Mr. Vernon chatted to more than a thousand real estate experts openly on the theme of deficiencies at lender of America.
One of the things that Mr. Vernon talked about was the ’straw’ offers that choke up the system. In essence , a straw offer is an offer that is so unreasonable that the offer will never get usual. Kevin and Fred reckon that you ought to not send an offer to the lender that you do not reckon will get ordinary. The straw offer only hurts this process. You’re giving physically additional work, the bank more work and you are slowing down the do for any person that has a small sale listing in the system.
One of the scariest things is that there are small sale guidance courses out there that teach this as a all-purpose do. In essence, the broker will take a listing and write their own investor bid for an unreasonable amount so that they can get the small sale process ongoing. In the mean time they can get a speaker assigned and get a BPO approved. All the while, the broker is hoping to find a real buyer and swap out the real buyer with the phony buyer.
Though, if you get a BPO concluded, the BPO number may not be pertinent when you finally get a sincere buyer. At the end of the day, you are hurting the entire union and the value that you reckon you have in this straw bid process only works out one in ten times. You are not assisting physically by utilizing the straw offer process. On behalf of other real estate agents and banks across the country please end this process!
Get powered up by Kevin and Fred at Small Sale Power Hour by the Small Sale Specialists of Arizona