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Comment
BofA seems intent on having a really short short sale approval process so that they can get as close to "regular sale" prices as possible........but just in case that doesn't work, they want that deed in lieu....to, in effect, speed up the foreclosure process.
And, oh, by the way, with that deed in lieu they are able to minimize their overall problem of having an unreliable paper trails on the ownership of notes.
With this program they have nearly total control....and, to the extent they can get sellers to contact them first, one of the aspects they hope to control is the selection of listing agents.
It's just another case of wanting to have your cake and be able to eat every body else's, too.
Well, two things. Right click, save target as, save as word doc.
Or, the system sends it to you with the task assignment.
Does this attach work?
I guess you've seen the new Equator authorization form?
Just initiated one, using my "old" form.
I suppose it will be rejected, huh? Or is there a grace period?
I hear you, Cheryl.
I guess I'm just saying: Whether a BPO is coming from a biased or a disinterested party varies markedly from state to state.
(Oregon's policy was a legislative decision.)
The banks don't seem to differentiate....they seem to get BPO's everywhere (?) - biased or not.
Jim-
It makes sense to do it that way here. There is no conflict of interest if the agent isn't expecting anything but a paycheck for doing the BPO. We had more crooked appraisers here than agents back when prices were escalating. I couldn't tell you how many times I've been called in by banks to double check the value placed on a property by an appraiser. With all the short sales going on it makes far more sense to order a couple of bpos at a third of the cost than a full blown appraisal.
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