All Forum Posts by: Christopher W.

Johnny, to answer your question. I usually have listed it as soon as I got papers signed. My team and I have been testing around with waiting to list it until after the BPO has come in as well as list it right away closer to the price we are offering on it.

What has happened enough times in the past to prompt this testing is that we have it listed closer to FMV and the BPO agent tells the bank this so they want to know why we're offering so low etc....

So by waiting on the BPO, it increases our chances of getting it a little lower and if we list it right away at a lower price we're hoping(again, we're testing this currently) if and when the BPO agent see's this, it will help 'influence' the BPO's price opinion to the bank.

Thanks for the response Nick. So if your initial offer to the bank is around 50-60% of ARV, do you still immediately list it near that amount? Even if the listing is far below other properties in the area?

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Originally posted by Johnny Pullman:

How early in the process can you have the property listed? Do you wait for the bank to approve your offer?

Maybe someone with more experience can chime in here, but it is my understanding that you can list it once you get the homeowner to sign the papers. One of the forms gives you interest in the property and also gives you the right to market it - including listing on the MLS.

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Oh maybe Larry is right. Since it just says you can't have anything 'pending' you should still be able to resell. So you just have to make sure the A to B is complete? Don't you have to close the A to B first anyway?

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I know that a homeowner can negotiate their own loan mod, but can they negotiate their own short sale? Obviously the lenders will want to see an offer on the table, so if the owner has an offer can they contact the bank themselves and start the short sale process?

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I noticed that, too. There are no time limits like the standard 30 day BS. From that wording, it looks like you could NEVER resell this property! I hope you like it!

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Originally posted by Steve Babiak:

Josh,

If you're paying attention: I too like this idea. I think it is something that could be placed directly beneath the "awards" area. The site already has the ability to list all users that are online, so this could hook in with that capability.

Of course, nothing is perfect - including this idea. There are users out there (me being among them) who do not shut down the browser and do power down computer; they would seem to always be online as long as the site is up and running, and the network stays in connected state between user and BP.

I know that software exists to not only see if you are online but active as well. Just because your browser is open obviously doesn't mean you are there. If there is no activity for a few minutes, it could say that you are away or offline or something.

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Originally posted by M Read:

Originally posted by crosswind_:

1st Offer is about 10% of FMV.
2nd Offer (Counter to lender) is FMV- Repairs * 50%. We include the sexual preditor map for the area and comps.
3rd Offer (Another Counter to lender) is FMV- Repairs* 55%. We include estimated repair costs.

IF we need more offers, we include more info each time. All the while justifying our numbers.

Would you please explain what the asterick means?
" 2nd Offer (Counter to lender) is FMV- Repairs * 50%. "
MRead

The asterisk means multiplication. It just means he is offering 50% of whatever the ARV minus repair value is. So if ARV is 150K and repairs are 40K, ARV minus repairs equals 110K. 50% of that is 55K so that is his offer.

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Congratulations! That's great! I love BP. I have met so many great people here.

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LOL! A guy's place is in the garage anyway!

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Congratulations Drenda! That's great!

DOM is "days on market" and I think DOMP is "days on market property" or something similar. If I am not mistaken, DOMP means total days on market.

So if a homeowner lists the property, removes it from the MLS, then relists it, DOMP would show the total days on market. DOM would only show the most recent listing.

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All Forum Posts by: Christopher W.

Christopher W. has started 9 posts and replied 244 times.

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