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A BPO agent doesn't have to bow to the lender if one has good data supporting one's value. I have had asset managers come back at me with higher valued properties, but frequently these properties are outside their own criteria limits relative to size of property, distance from subject and sale date. One BPO was returned to me 4 times, but I held firm with my more relevant comps. I am the one with market expertise, not some asset manager or investor in an ivory tower 5 states away.
A BPO agent doesn't have to bow to the lender if one has good data supporting one's value. I have had asset managers come back at me with higher valued properties, but frequently these properties are outside their own criteria limits relative to size of property, distance from subject and sale date. One BPO was returned to me 4 times, but I held firm with my more relevant comps. I am the one with market expertise, not some asset manager or investor in an ivory tower 5 states away.
Thats the way to go !
Kevin Kudrna said:
I always meet appraisers and BPO agents at the listing with a CMA, summary report, and repair list/bid (if applicable) so I can provide factual information to help them make an informed decision. The summary report provides info on the offer price if I have it and any circumstances relevant to the property such as anything unpermitted, major repair concerns, location conditions that affect value, etc... If the house is trashed, I will either provide an itemized list of repairs with estimated cost on the summary report or maybe even have a contractor friend write up a bid. I also ensure they understand within their realm of subjectivity in price, the lower the better for the short sale valuation. I get positive response 99% from agents and appraisers and appreciate the helpful information I've provided to make their job easier.
Good morning Rob,
I am in Arizona and this has been happening to me alot. I was told by one Bank that the BPO was averaged??? Our MLS software is designed to make recommendations to Agents on what the Sales Prices should be based strictly on averaging prices without considering the size of amenities. These prices are inflated because they are averaging a price of a home that is 1200 sf with a home that might be 2000 sf. I am thinking that the Realtors might be using this feature because its easy and convenient causing the prices to be inflated, sometimes by $20,000! I have been filing a BPO dispute, submitting my comps and asking them to review it. the first one I did was inflated by $30,000 and I got them to reduce it by that amount. I have been a member for hmmm lost count haha and I still find it awesome!
Ask the Negotiator in writing this question . . . If the Buyers appraisal is less than the BPO, do you adjust the sales price? If they tell you yes, dont worry as much.
Hope this helps and Welcome!
Gail
Rob, I have too faced this issue many times. I spoke to one BPO agent who doesn't sell or list real estate all he does is BPOs. He said that in order to become a preferred BPO agent he has to follow the guidelines they want and make the adjustments according to their guidelines. These guidelines are put together by someone who doesn't understand real estate.
I just had a BPO on a Chase short sale where the BPO came in $110,000 HIGHER than my list price. They compared homes in the subdivision that are on golf course lots with valley views, pools and completely remodeled to my listing that stares at a block wall, has no pool or yard and is in original condition. Chase refuses to allow me to dispute the value and they just cancelled the file. I have opened a file with the Executive Resolution Office. We will see.
Exactly Duane! So, how can we get this out to the banks in bulk, if you will, to expose the, not only, unethical behavior, but show the banks this is actually losing the bank hundreds of thousands of dollars. (in maintenance & foreclosure costs AND longevity on the market.) Not to mention, the overall deterioration of our neighborhoods while these low-lifes play the game to line their pockets. Grrrr!
It irritates me to no end!
Rob, I have too faced this issue many times. I spoke to one BPO agent who doesn't sell or list real estate all he does is BPOs. He said that in order to become a preferred BPO agent he has to follow the guidelines they want and make the adjustments according to their guidelines. These guidelines are put together by someone who doesn't understand real estate.
I just had a BPO on a Chase short sale where the BPO came in $110,000 HIGHER than my list price. They compared homes in the subdivision that are on golf course lots with valley views, pools and completely remodeled to my listing that stares at a block wall, has no pool or yard and is in original condition. Chase refuses to allow me to dispute the value and they just cancelled the file. I have opened a file with the Executive Resolution Office. We will see.
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