The fun continues in the Denver real estate market short sale and foreclosure sub-market.

Tales from the front lines include waiting upwards of 4 months for a response from lenders regarding short sale contracts, continued “Wild-West” tactics from short sale listing agents which include giving out inaccurate estimates of response time, complete lack of communication between lender and listing office regarding list price, as well as lenders relying on BPO’s.  BPO’s are “Broker Pricing Opinions” and lenders pay a random broker $50 to drive by a property and give them an opinion of price.  They rely on these, more so that the LISTING AGENT’s opinion!  Makes for fun with pricing.  Lenders are once again creating havoc in the industry.

Share This

This entry was posted on Wednesday, March 12th, 2008 at 11:23 am and is filed under Denver, CO. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.