I agree with the BPOs, most of the banks that send agents to do BPOs are unexperienced on the local area's. I have a listing that it's been sitting there and not even a fly stops to smell or look into the property, it's so over priced. I have been negotiating with the lenders and explaning to them that this home is over price and to send us a Local Agent to do the BPO, they have sent someone from way out in Alpine and the property is in Vista. WOW,,, that is crazy! I called the lenders and explained why this home is still sitting and they don't want to budge in or want me to lower the price, and there's another sale date coming up.. I guess like it or not, I will have to lower the price to see if seller can get activity before the sale date.. I don't understand why they rather foreclose and keep these homes,, what's up with them? BAC please consider...
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You should know that I spoke to a Chase BPO agent who advised me that they are being instructed to NOT use other short sale or REO listings and sales as comps. Why? I have NO idea. But the BPO agent was bothered and told me herself that she thought this was unfair and not bringing in true market value.
Just an FYI.
Robert Aldana
RobertAldana.com
Robert, that is the problem for sure. I have done plenty of Chase BPOs, I stopped doing them recently for a few reasons...
The Chase BPO agent who told you that is part of the problem. I always used REO and Short sale comparables and made sure they understood why I was using them. The easy thing is to not use them and churn out report after inaccurate report. The hard thing is to explain on each and every comp why it was a distressed comp and most BPO agents wont do anymore than they need to do just to get $40.
I have a list for those agents :)
Melba,
Why do you have the property priced where it is and why is BAC dictating the price? Is this already bank owned? Do you have an offer on the property?
Hi Jeff,
I went and lowered the price, since the home has been on the market for so long, i am so done with it Seller decided to go BK if no offers in a few days, that is what it comes to.. and us realtors, well we just have to keep moving on to the next. we can only do so much.. the home does need some work and reports were done and sent to lenders, but they don't budget, still want the high price. Seller requested for extension and maybe if lucky he will get one than lender will have to do another BPO and hope we get an agent that knows the area.
Most of us agents know that some of these agents that come to do BPO's have intentions for the property not to sell so that the bank will assign to them,, that is so sad and it's not fare for us.
thanks,
the buyer walked after the new BPO came in and they countered, there's no offer right now and I just lowered the price, they did not want seller to lower the price, and they don't understand that because the price that they want and insist is too high, we are not getting activity.... so there's no offers and no showings.. I always speak to them to let them know that the home is listed or to initiate the Short Sale, and we know that there's no more conversation until we get an offer, but all of these delays have to do with the pricing. Now they say that every 3 to 4 mos they will do new BPO's , so this is dragging and they go by what ever they come in. They don't understand that there might be a home in very good super and clean condition and he sells as a regular sale at certain price and than your's is a short sale that is in very poor condition in need of repairs and in default
We've been working on a house since April. The original selling price was $309 and we offered $314. BAC did BPO and never countered. All comps in the area (for turn key properties) and SS were $40k higher and we were pleased with no counter from BAC. House fell out of contract (due to funding problems) and started over with a new contract, per the negotiators suggestion. Two weeks after falling out, we resubmitting with the same $314 (as the neg told us), BAC changed negotiators for our contract and new BPO ordered...BAC countered $350k. Comps again for houses that are pristine and highly upgraded...ours needs a new roof, appliances and general TLC. In fact, the counter did not include the year home warranty as they previously agreed to (funny how that happened). Prices have not gone up $50k in our area, in fact, homes dropped another 1-2%. In April, this house will have been vacant and on market for 2 years! Understanding that the first contract TFT no fault of property but what a difference in attitude from BAC and the BPO in just weeks time.
So in our area the BPO agents are local, but sometimes they send an appraiser who is NOT local. No BPO person is going to travel out of area for a miserable $50. I think you have something mixed up.
Nope! I actually was there to meet with the agent that had a list of a few BPO's for that day.
He mentioned that that's all he does, he came from Alpine to Vista and had also gone to Encinitas
before our appt. than was on his way to Escondido, he said that he was very busy. He was a
character, I asked him how did he do a living and he said that that's all he does, just dives around and
takes pictures and sends comps, So go figure again... he was asking my seller if they wanted to stay
longer in the property and i was very disappointed with him directing this them, of cours all Short Sale
sellers want to stay there longer.. I could not say much, but showed and gave him the recent comps and
told him that we are not getting any activity and the price was too high and well enough, he sent in Higher Comps to the lender, and we are still sitting with a sale date coming again... homes are going for $240k and his value to the bank was $290k.... I have spoken with the bank and explained them that they need to send a local agent or appraiser and they say that it's out of their hands, they have guidelines on Short Sales that they have to follow.. so now we don't know if they are going to FC or give another extension, they are being stubborn and we have no one that wants to see the home because of the price,, so let's see what happens.. thanks for your reply