Bank Counter Offers – Recognize The BPO And Recognize The Disparity
Group 46:10 will be taking a short vacation from their show to go on the path to Italy for a little bit of rest and relaxation. Nevertheless, there are many critical episodes coming up. So, stay tuned to the week of information and education.
Today is about a subject that comes up quite often but is very often misunderstood. Kevin and Fred don’t teach about it as much as they could, but that is only because they do not want to give it an credibility. The subject is lender counter offers.
Take into consideration that the bank is not actually a party to the deal, so they actually do not have a right to counter proposal. On occasion, a lender will send you an approval letter with a denial letter. In essence, the bank denies your initial offer and then gives you the approval letter to let you recognize how much the offer needs to be in order to be accepted.
This is the time when a BPO is the most crucial. The BPO is crucial here because the lender is basing the counter proposal on it. So, the BPO value that has been assigned to the residence is absolutely critical because you can figure out if the counter offer is a mitigation counter offer or a collections counter offer.
Here is the distinction. The mitigation counter offer is an proposal where the lender employee can not approve the short sale. The collection counter proposal is a counter offer where the lender employee wants to collect more money for the lender.
Tomorrow we will dive into a narrative about an fascinating guy named Ray who did not quite understand his job responsibility and loved the counter proposal. So check us out tomorrow.
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