Today seems like a lovely day for a tale. So, today we would like to talk about a friend of ours named Raymond McRay from EMT Mortgage. We’re chatting about bank counter offers, legitimate and illegitimate. Ray McRay does not appear to be the biggest fan of Group 46:10 to start. However, we have prevail over that little aspect in order to speak about him today.
We were on the telephone with Ray and we were chatting about a counter offer that dealt with an short sale that was already flawless. The offer and the BPO were exactly the same. Yet, Ray and the lender were counter offering higher than the BPO. And then the reality spilled out of Ray’s lips.
Ray proceeded to tell Kevin and Fred that he instructs all of his employees to counter each offer, whether it is above, at, or under the BPO value. Ray explained that he was simply attempting to squeeze every penny he could out of the agreement for his investors. Essentially, this is a collection counter offer.
This is a greedy mindset at its most terrible. To permit someone with this mindset to be in Ray’s standing is depressing and revolting. The trouble with this state of affairs is that the offer is satisfactory by the lender standards. However, Ray and his staff are attempting to gather more money. So, an inexperienced real estate broker might suppose that the counter offer from the bank means that the first offer is no good.
The end result is that Ray and his counter offer techniques may be causing more loss. In a short sale transaction, the banks seem to be attempting to hide their cards. If we open the books up and let everyone see the same information we can communally mitigate more loss.
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