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Phoenix Real Estate and Homes for Sale | Jonathan Dalton, Realty ONE Group – (602) 502-9693
date_rangeFeb 21, 2011
What is it good for? Ha! Good God!
That is undoubtedly the funniest and yet most appropriate blog post of your career. 🙂 Thanks for the revelation of truth, and a moment of laughter, JD.
It means the auction date is fast approaching and the lister needs an offer to get the BPO. Once they get the BPO, the buyer at the lowball price backs out, and the list price is set at the “approved” BPO price.
Yes and no … some agents are reducing the price every week or two no matter when the auction date. But the overall point is correct, it’s only a ploy by the listing agent to get an offer in.
What spurred this was one client who wasn’t sure if the bank would take what he was going to offer when the home was listed higher but thought he’d have a chance when he saw the price reduction go into effect, even though it doesn’t mean a thing from the buyers’ standpoint or chances of success.