Nationstar / Auction.com
What's your story? Is your client being forced into Auction.com?
Replies to This Discussion
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Permalink Reply by Bill Sloss on
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When the appraisal BPO comes back be prepared based on the condition of the house to get an interior BPO. Costs them more than the external depending if the home is occupied and to provide comps of recently sold properties and present listings.
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Does this mean that you think they WILL come back above appraisal, and we'd need an interior BPO to lower the value?
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I think you should have as much understanding about the process as you can.
And what the BPO is and based on. You know what comps are.
Why is your offer what it is? Condition of the property? Or comps?
If so you have to understand there are two kinds of BPOS the lender has to pay for outside and inside. The outside is cheaper and easier but doesnt help you if your value is based on the inside.
So if they come back at say 100K you need to understand what kind of BPO it is and insist on one that helps you the most.
The one I just settled had a differing value of 15K on an external BPO. Once the internal was done my offer was accepted. Save yourself the anxiety the more you understand the better off youll be.
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Permalink Reply by Jeff Payne on
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No it does not, the bank orders the broker price opinion, not the buyer, seller or agents. The banks BPO is what sets the value on the property. Many of the banks are doing appraisals now and not just BPOs. Many times the BPO is just to verify the appraisal or to get an updated value on an appraisal that may be a few months old.
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Gina X, no you do not need an interior BPO, you need your agent to do a CMA and include repair bid. Your agent can submit this to the listing agent and if you have a reasonable bank negotiator, you may be able to sway them. In the end, you need to get data from your agent and decide how much you are willing to pay. Take it for what it is worth, I have only done a few hundred short sales and others giving advice have been a buyer on one.
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Bill, that sounds like good advice but the BPO that the bank orders is the BPO that is used, not the one that the buyer, seller or the agents use.
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Im sorry what did you mean?
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I think youre a bit confused. A buyer should not assume the lender knows the condition of the homes interior and any issues inside such as damage or stripping of the interior so its important to know whether the BPO is a complete external or internal BPO.
If the buyer thinks the lenders counter is high based on that false assumption they could wind up paying more for the property if the value is based on an external BPO only.
The buyer therefore should obviously insist on an internal BPO with supporting comps. Buyers go through enough anxiety in the process and should understand as much as possible. Even though the agent knows that an unprepared buyer still goes through the anxiety of not understanding what happens and why. Take Ginas question noting that uncertainty and your answer which clearly shows the way it is "Gina X, most likely you are going to get a counter offer above market value, after all Nationstar is going to attempt to get as much as they can for the property. There are too many variables, Investor requirements, market conditions, Mortgage Insurance (PMI or lender placed)... the list goes on and on." and Thoms illustrating the debt issue.
I never said anything about buyers, sellers or agents BPOS I said "So if they come back at say 100K you need to understand what kind of BPO it is and insist on one that helps you the most." If you dont know you cant insist. We can assume a competent realtor does but Gina didnt know. Why didnt she know? Why was she feeling anxious? When buyers have the best understanding theres a lot less problems and anxiety. Ive found things here very helpful being a buyer. And just for the record there is no prohibition on a buyer submitting as many BPOS as they want if they want to do that is there? Is it necessary? Doubtful but its not prohibited if a buyer wants to do it.
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Bill, You really think a buyer having a BPO makes any difference to a bank? The buyers agent can simply supply the information to their buyer (which is part of their job) and buyer can decide if they are willing to pay the amount the bank wants. How many BPOs have you done in your real estate career? Have you ever seen a BPO?
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Gee Jeff I just saved 15K with an interior BPO when the first counter was based on an external. So are you saying that second BPO wasnt useful and proper? Maybe Im confused. So obviously it must have made a difference. So hmmmm how do I answer your question? I didnt pay for it so is it mine or does us getting one through the lender considered an affirmative answer? I just dont know. Hopefully you can draw your own conclusion.
Gee I just dont know Jeff why does a bank counter if it doesnt make a difference? Why do they accept BPO disputes if it doesnt make a difference?
Gee Jeff if I didnt know better Id think you were intentionally trying to give me a hard time for stating an opinion. An opinion that I just validated with facts. Imagine that. Now please allow me to tell you Im offended by your sad little effort here asking me about my career. Im not going to embarrass you comparing careers or individual accomplishments because if we did youd be embarrassed. Now as far as this lame statement "the buyer can decide if they are willing to pay the amount the bank wants." The correct and appropriate answer should have been in cooperation with the buyers agent are they satisfied with the pricing of the property based on what they believe its worth? And if not do they understand how and why the property is so valued. Will they pay x if they think its worth y? Do they know what might be helpful in getting the bank to reevaluate THEIR BPO? Then they can make whatever decision they want when the lender has all the relevant information to them. Thats a pretty easy concept to understand sorry you missed it. And to make you happy Ill state freely and for all posterity the lender can do whatever it wants pursuant to the contract. Happy now?
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So Bill, let me get this straight... you ordered an interior BPO and the bank used your BPO instead of their BPO? You are telling Gina X to order a BPO and I am saying that the bank orders the BPO, not the agent, not the buyer but the bank. Who is comparing career accomplishments? You might be but I really dont care what career you are in and what you have accomplished, I just asked a question, how many BPOs have you done? Have you ever actually seen a BPO?
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So mine went to auction April 11-13. Went up to 9,500 over current bid. We're told it went thru auction and did not meet reserve. Then received email that said continue to approval with current offer. Nothing yet. We'll see
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