Lender wants BPO fee upfront

I have a lender that wants my seller to pay them $305 upfront for the BPO before they will even look at the short sale package. Is this even legal?

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Permalink Reply by Jeff Payne on March 19, 2012 at 8:18am

Interesting... $305 for a BPO that the agent will get $40 for.  For that price why dont you insist on an appraisal?  Who is the lender?

Permalink Reply by Sheri Foster on March 19, 2012 at 8:26am

It's Third Federal. Problem is my clients don't have it so I'm putting together my argument as to why they need to just cover it.

Permalink Reply by Brent Innocenzi on March 19, 2012 at 9:14am

I fought with them for weeks about it and they did not budge. After losing 2 sets of buyers, the 3rd buyer paid it. Good luck!

Permalink Reply by Smitty on March 19, 2012 at 12:31pm

LOL...I would say I'd pay for it, but then I get to hire who I want.  I'd get a full blown appraisal.

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