When you present an offer to a bank on a bank owned foreclosure, who decides if the offer is accepted, the bank or the asset manager? First a brief overview of what an asset manager is and what they do. An asset manager works for an asset company which is hired by the banks to manage the bank owned properties. An asset manager will usually be responsible for properties in a certain geographical location and may manage properties fo r more than one bank. The asset manager will hire listing agents to list the homes and keep an eye on them. When the listing agent notices problems, the listing agent will notify the asset manager and try to get the situation taken care of. One example of a problem that may come up is a home inside of an HOA may have a dead tree in the front yard after a cold spell in the winter. It would be the listing agents responsibility to notify the asset manager and the asset manager would work with the bank to make sure the situation is taken care of so the bank did not have to pay HOA fines. The asset manager will have certain authority to make decisions given by the bank that owns the property. That authority will vary from bank to bank. One way to think of an asset manager is like a car salesman at a car dealership. If you want a $10,000 car and you offer $9,800 for it, the salesman more than likely has the authority to write it up. If you were to offer $9,000 for the same car and ask for an extended warranty then the salesman would more than likely need approval from the manager. The longer a house is on the market and the more distressed the property is in will often have an influence over how much authority the asset manager has. An asset manager who has had a property on the market for months and the home is in need of great repair will likely have more room to work than a new home on the market in good shape. If your offer falls inside the certain boundaries the bank has set then it will be the asset manager who will make the determination if the offer is accepted. If the terms are outside of those guidelines then it will be the bank who will be the determiner. If you have any questions about bank owned properties please either leave us a comment, e-mail us or hit us up on Twitter.
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