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January 18, 2009 at 10:41 PM in reply to: Are banks holding back on foreclosed properties in San Diego? #331055January 18, 2009 at 10:41 PM in reply to: Are banks holding back on foreclosed properties in San Diego? #331392
jimg111
ParticipantHard to say, could be a low appraisal, both BPOs are low, full of mold, bank error etc…. (Chapalita)
Listing agent submits his BPO and suggests a value he believes it will sell at, hopefully he is close to the final sale price as he is rated on his performance.
January 18, 2009 at 10:41 PM in reply to: Are banks holding back on foreclosed properties in San Diego? #331469ParticipantHard to say, could be a low appraisal, both BPOs are low, full of mold, bank error etc…. (Chapalita)
Listing agent submits his BPO and suggests a value he believes it will sell at, hopefully he is close to the final sale price as he is rated on his performance.
January 18, 2009 at 10:41 PM in reply to: Are banks holding back on foreclosed properties in San Diego? #331497ParticipantHard to say, could be a low appraisal, both BPOs are low, full of mold, bank error etc…. (Chapalita)
Listing agent submits his BPO and suggests a value he believes it will sell at, hopefully he is close to the final sale price as he is rated on his performance.
January 18, 2009 at 10:41 PM in reply to: Are banks holding back on foreclosed properties in San Diego? #331582ParticipantHard to say, could be a low appraisal, both BPOs are low, full of mold, bank error etc…. (Chapalita)
Listing agent submits his BPO and suggests a value he believes it will sell at, hopefully he is close to the final sale price as he is rated on his performance.
January 18, 2009 at 9:27 PM in reply to: Are banks holding back on foreclosed properties in San Diego? #331045ParticipantBecause if one sells for below market closings in that area they have to answer to the investors who own the paper as to why they accepted a price significantly below market value. I agree it’s not a bad strategy but many times asset managers will take the first offer in if it’s at the listed price and move on to another file, in that instance the listing agent did a disservice to the owner of the asset.
January 18, 2009 at 9:27 PM in reply to: Are banks holding back on foreclosed properties in San Diego? #331382ParticipantBecause if one sells for below market closings in that area they have to answer to the investors who own the paper as to why they accepted a price significantly below market value. I agree it’s not a bad strategy but many times asset managers will take the first offer in if it’s at the listed price and move on to another file, in that instance the listing agent did a disservice to the owner of the asset.
January 18, 2009 at 9:27 PM in reply to: Are banks holding back on foreclosed properties in San Diego? #331459ParticipantBecause if one sells for below market closings in that area they have to answer to the investors who own the paper as to why they accepted a price significantly below market value. I agree it’s not a bad strategy but many times asset managers will take the first offer in if it’s at the listed price and move on to another file, in that instance the listing agent did a disservice to the owner of the asset.
January 18, 2009 at 9:27 PM in reply to: Are banks holding back on foreclosed properties in San Diego? #331486ParticipantBecause if one sells for below market closings in that area they have to answer to the investors who own the paper as to why they accepted a price significantly below market value. I agree it’s not a bad strategy but many times asset managers will take the first offer in if it’s at the listed price and move on to another file, in that instance the listing agent did a disservice to the owner of the asset.
January 18, 2009 at 9:27 PM in reply to: Are banks holding back on foreclosed properties in San Diego? #331572ParticipantBecause if one sells for below market closings in that area they have to answer to the investors who own the paper as to why they accepted a price significantly below market value. I agree it’s not a bad strategy but many times asset managers will take the first offer in if it’s at the listed price and move on to another file, in that instance the listing agent did a disservice to the owner of the asset.
January 18, 2009 at 7:53 PM in reply to: Are banks holding back on foreclosed properties in San Diego? #331020ParticipantListing agent doesn’t determine the listing price, the selling bank does. Listing agent submits their valuation, then an appraisal ordered and another agent valuation for the bank to determine where (value) they would like to list it. Unless the listing bank agrees to a strategy of lowball listing price to attract multiple offers, which I doubt, the agent is probably coming in with a low value on the original valuation. Some banks will fire you for repeated low ball values as they rely on the agent to give them honest information on what price the asset will sell at in roughly 30-60 days.
January 18, 2009 at 7:53 PM in reply to: Are banks holding back on foreclosed properties in San Diego? #331356ParticipantListing agent doesn’t determine the listing price, the selling bank does. Listing agent submits their valuation, then an appraisal ordered and another agent valuation for the bank to determine where (value) they would like to list it. Unless the listing bank agrees to a strategy of lowball listing price to attract multiple offers, which I doubt, the agent is probably coming in with a low value on the original valuation. Some banks will fire you for repeated low ball values as they rely on the agent to give them honest information on what price the asset will sell at in roughly 30-60 days.
January 18, 2009 at 7:53 PM in reply to: Are banks holding back on foreclosed properties in San Diego? #331434ParticipantListing agent doesn’t determine the listing price, the selling bank does. Listing agent submits their valuation, then an appraisal ordered and another agent valuation for the bank to determine where (value) they would like to list it. Unless the listing bank agrees to a strategy of lowball listing price to attract multiple offers, which I doubt, the agent is probably coming in with a low value on the original valuation. Some banks will fire you for repeated low ball values as they rely on the agent to give them honest information on what price the asset will sell at in roughly 30-60 days.
January 18, 2009 at 7:53 PM in reply to: Are banks holding back on foreclosed properties in San Diego? #331462ParticipantListing agent doesn’t determine the listing price, the selling bank does. Listing agent submits their valuation, then an appraisal ordered and another agent valuation for the bank to determine where (value) they would like to list it. Unless the listing bank agrees to a strategy of lowball listing price to attract multiple offers, which I doubt, the agent is probably coming in with a low value on the original valuation. Some banks will fire you for repeated low ball values as they rely on the agent to give them honest information on what price the asset will sell at in roughly 30-60 days.
January 18, 2009 at 7:53 PM in reply to: Are banks holding back on foreclosed properties in San Diego? #331548ParticipantListing agent doesn’t determine the listing price, the selling bank does. Listing agent submits their valuation, then an appraisal ordered and another agent valuation for the bank to determine where (value) they would like to list it. Unless the listing bank agrees to a strategy of lowball listing price to attract multiple offers, which I doubt, the agent is probably coming in with a low value on the original valuation. Some banks will fire you for repeated low ball values as they rely on the agent to give them honest information on what price the asset will sell at in roughly 30-60 days.
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