For some reason Chase seems to think that buyers are willing to pay more for short sale properties vs. bank owned. It never occurred to me that anyone would want to pay more for the opportunity to do a ss with chase! I'd much rather deal with an REO situation vs. SS where at least you get a response in a week or two with REO.
Especially in areas that are 90% REO it seems wrong to omit those REO comps. It seems that Chase is picking and choosing values so they set market value -- not the market!
Anyone had any experience convincing Chase to use REO properties in the BPO's/determining market value?
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I have done hundreds of BPOs and many for Chase's REO department on my REO listings. In late 2007 some banks did not want REOs or SS used or only wanted one listing and one sold as comps. By mid 2008 that had changed. Now there is little restriction. With 60% of sales in my area foreclosure related, they do not have a choice.
What is the purpose of the BPO you are doing?
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