Has anyone gotten an offer accepted less than approved price?

Thanks.

Yes, Especially if the "approved price" has been on the the property for a long time.

Had one where one person made an offer, got it accepted, but it would not appraise. So, the listing agent slapped the accepted price into MLS hoping for a cash buyer who did not come.

After about another 6 months on the market it sold for around 20% under the former "approved price".

Just because it is approved does not mean it is realistic.

Thanks, I will put in an offer less than approved. My offer is based on the comps, so I will give it a shot.

That is exactly what I would do. If you are not in a multiple offer situation and the Comps are realistic your only real issue is when they do another BPO and whether the other agent comes up close.

Hope it is not a $30 drive by done by a new BPO agent.

I would consider providing your BPO with the offer just to give them something to work from.

Best of luck to you.

Hello Everyone! I have been browsing this site trying to figure out the best place to post this. I do not want to have the post deleted or get in trouble for "advertising" but I want to introduce you guys to my company. We buy mortgage notes and we allow borrowers to short sell without hassle. We started as a foreclosure prevention company. We would negotiate shorts sales where one of our investors purchased the home and gave the seller a lease and option. We always disclosed and, as you can imagine, the short sighted servicers and mortgage holders did not like this idea at all. We transitioned over the last few months and now buy pools of mortgages. Here is an article we just released:
"American Homeowner Preservation is expanding their nationwide program to keep distressed homeowners in their homes by enlisting real estate agents for the frontlines. AHP recently launched an investment fund and is utilizing their increased resources to acquire ever-larger pools of defaulted mortgages from lenders and the FDIC. Upon acquisition, borrowers are offered loan modifications which provide payment reductions averaging 40% and options to settle their mortgage principal at discounts averaging 50%. For those families who do not want to stay in their homes, cash incentives are offered to borrowers to cooperate with short sales or provide deeds in lieu.

Licensed agents initially provide CMA reports as part of AHP’s due diligence process. Once the loan is acquired, the local agent can then contact the homeowner to review options available. Agents are compensated for facilitating loan modifications or can earn commissions if homes are listed and sold. “Real estate agents are knowledgeable sources who can assist borrowers in understanding their choices,” said Michelle Weadbrock, AHP’s Nationwide Agent Coordinator. “AHP is intent on providing the solutions which borrowers need, not those which maximize profits for our investors. By working hand-in-hand with local agents and our servicers, we can make decisions in hours as opposed to months.”

“We owed $103,000 and now we can settle for $27,000. Ten years ago we weren’t renting for as little as we pay now.” said William White of Roseville, Michigan, whose home was saved through AHP’s program. Hundreds of mortgages totaling over $40Million have been settled through AHP’s program. Interested agents are encouraged to register at http://www.ahphelp.com or by contacting AHP at 800-555-1055."

Wish all mortgage owners would care about home owners like we do. But I am having the hardest time finding agents to assist us. :(

Could it be that there isn't enough "compensation" for the amount of time and effort involved in merely assisting ?

There is commission if listed and a $500.00 flat fee if the agent assists with the modification. What other compensation would there be?

That $500.00 would need to be emphasized somewhere . . . . but I'd imagine you're looking for a commitment of many months to guide a Mortgagor through the modification process. The longer the duration of time and the greater the intensity of the involvement, the less attractive the $500.00 Flat Fee . . . . but Agents would have to know about the Fee first in order to know whether it would be adequate.

Oh no no, many months for a loan modification is unacceptable to us. When we own the mortgage we make decisions very quickly. Same with short sales. The only time we are held up in the process is if the borrower does not like the terms of our modifications (rare), if there are junior liens (because none of them move as quickly as we do), or if we just cannot find the borrower at all.

Any agent who contacts me is told of the process up front before they commitment to anything.

We are just another place for agents to obtain business. If they aren't interested they can say no and move on. Not a big deal.