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Good morning Superstars.

If you handle Short Sales then you know the importance of the BPO. Lenders heavily rely on the opinion of a neutral agent when it comes to placing a value on the short sale property. So it's important that the agent doing the BPO is accurate.

Of course we all know that this is not always the case. Some BPO agents are good at what they do and some suck.

Recently I was doing my weekly follow up on a Short Sale file. This particular Florida Short Sale had two liens on it so two BPOs were done. As usual when I speak to the lenders I "make nice" with my goal being to get as much information as I can about the file. I was able to get both lender representatives to give me the BPO values.

This particular property was placed on the market priced at $85,000 and a purchase price of $87,750 was negotiated. This purchase price was spot on with recent comparable property sales so I figured there would be no issue at with the BPOs.

Ok are you ready for this? The BPO for the 1st lien came in at $59,000. The BPO for the 2nd lien came in at.............$149,900!!!!!

Is that comical or what? One property. Two different values. How can there be a $90,000 difference from one BPO to another on a property only worth $87,000? Maybe lenders need to get smart and pay the extra cost to have a full blown appraisal done.

Disputing a Bad BPO is a process just like anything else. We happen to be very good at it. Are you?

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