i have heard mixed reviews on whether or not short sale lenders share BPO results with buyers if requested. Does anyone know NationStar's policy? I would expect them to just counter or accept our existing offer once the BPO is received and not share the results.
- Brian the Buyer
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BPO Transparency...LOL.
They all take the position that they paid for it, therefore it is private info. Under duress and pressure, you can get it, after a cozy conversation with a decent negotiator, you can also get it but not stated as the BPO. On the other hand, BPO's are generally so unreliable, why would you want it except to refute it. It often is NOT the value of the property.
FHA tells you outright, HAFA w/o offer, their list price to you is pretty much the BPO. I don't know about VA tactics..
Brian, I have been a listing agent for NationStar and other banks REOs, I have also been an agent for a BofA in a short sale listing, and selling agent with other banks. I have yet to see a bank willing to provide this information. Just as with any seller, it could effect their outcome, whether the BPO is more or less. There's always the potential for this to come back to bite the seller, or even the buyer when getting down to negotiations in the end.
However Joe is right in that BPOs are for the most part inaccurate. I know you are trying to get an idea of what the bank thinks it's worth based on this, but save your energy. Kevin also makes a good point.
Good luck. Depending on your area, you are most likely in a good position. Here in Silicon Valley we have very low inventory and multiple offers over asking, so it's a seller's market.
thanks, and all answers were in line with what i expected. I am expecting the worst and that we will need to refute the BPO based on a lot of what I have read on this forum. I just wanted to make sure that there wasnt other options to get "their number" without just ordering a separate appraisal out of pocket and having a comparison for negotiation. My concern obviously is moving our offer up in price based off of bogus inaccurate BPO, later to get a lower appraisal and potentially put the deal in jeopardy.
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