Yes, that is crazy, BPO agents are so off !
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...
Replies to This Discussion
-
Permalink Reply by Tara Nagelhout on
-
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.
-
Permalink Reply by Melba Diaz on
-
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
-
Permalink Reply by Jeff Payne on
-
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,
-
-
i am still confused. Why is the bank doing bpos? Do you have an offer? Curious why the bank is directing your list price and not the seller? I never speak to the bank until we get an offer.
-
-
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
-
-
forgive me please but I still don't understand why the bank is telling you where to list the property at. At this point it us up to the seller. If you are not getting showings or offers the property is overpriced. You should be systematically dropping the price. We drop every 3weeks regardless until we get an offer. What bank are you dealing with?
-
-
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.
-
-
Yes Darlene, I totally know what you are talking about. I don't just have an issue on this with BAC but with another that's been sitting there for over 3 yrs and vacant.. in Hemet,, so seller gave up, and i also gave up.. she informed me that she does not want to be bothered any more. we had several buyers come and go and were in escrow a few times, but there was a second that was so greedy and the 1st said that they did not allow for the buyer to contribute to the second or for the seller because they were in first position . it was a battle. I personally was just doing this for a favor for my client, I wasted lot's of time and money and now I am relief. It was a nightmare. they kept doing BPO's everytime a new buyer , but the nightmare was with the seconds, collection co.. they said they did not care if the 1st forclosed. The 1st did not wanted to budge over $3k and second wanted $19k ,, Now that was a nightmare.. so seller said let them take it and work it out.. I am done.
-
-
BPOs ar typically dated for 90 days and after that you need a new one. Problem comes in when they use a different agent to do the BPO and they don't take into account what your property needs compared to the comparables. Please tell me you met the BPO agent at the house to discuss repairs needed and that you had estimates for the repairs? Otherwise, how is the BPO agent to know the difference between your property and the comparables just by looking at MLS?
-
-
In our case, the BPO agent came out and no one could be there and we had thought the prior was still good (done 60 days before). As of now, we are waiting to see BAC will counter again. Another task came through (post our counter) and they are requesting an updated HUD for both 1st leinholder and junior leinholder. Hoping that means they are concidering the offer.
-
-
Could be. A little tip, take the lock box off of your short sales once they go under contract so someone has to let the BPO agent in....
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons