Posted by JT-IN on September 30, 2003 at 22:40:26:
Mostly to verify condition or if the property is secure and inhabited. In the event that the property is vacant, then the Lender will have it secured; (to protect their security/collateral).
A survey or series of questions is many times asked, to determine what is the cause of the delinquint payments… This visit is not usually by a Realtor, but by a rep or independent contractor of the Lender to gather necessary info…
BPO drive-bys — before the lis pens ever ? - Posted by Hank FL
Posted by Hank FL on September 30, 2003 at 21:50:22:
I know short sales require BPOs, but do most banks send a Realtor to drive by a house to see what they might be taking back ? Here is the general order of things in FL:
Default notice from lender
Lis Pendens
Debt Collecting Statement
Summons
Complaint
Affidavit of Claim
Final Judgment
Do these drive-bys ever happen before the lis pens ?
Re: BPO drive-bys — before the lis pens ever ? - Posted by Paul-FL
Posted by Paul-FL on October 01, 2003 at 09:30:04:
Most will actually send someone out to the house and do an appraisal with a look inside and out.
So if you start a short sale, then the lender will issue a BPO to be performed and they will arrive on site and look it over to come up with costs for repairs etc if any are needed.
I have tried one SS and the BPO was ordered and came in way high and I was unable to convince them other wise.