Most important aspect in a short sale - Posted by Brian_wa

Posted by Stew(NE) on April 18, 2007 at 16:14:38:

Sounds like you are doing what I am, sometimes it works and sometimes it doesn’t. :slight_smile:

Most important aspect in a short sale - Posted by Brian_wa

Posted by Brian_wa on April 17, 2007 at 18:30:46:

Would you say that getting the BPO to come in with a low pricing opinion be the most important step in getting the short sale approved at a reasonable price?

Many lenders that I’m working with do not even care about the homeowner’s situation. The hardship letter seemed to be just formality. All they seemed to care about is the current value of the house. Some didn’t even care about the short sale package. All they wanted was my offer and the BPO.

Are you guys experiencing the same thing? Am I missing something? It’s mighty hard to get the BPO to come in at the right price. I seriously need some help in this department. Any advise would be greatly appreciated.

Brian

Re: Most important aspect in a short sale - Posted by Atlanta_bob

Posted by Atlanta_bob on April 18, 2007 at 22:39:18:

Hello Brian_wa:

Yes BPO or formal appraisal will make-or-break a short sale, as mentioned by other “posters”. Provide the real estate agent (for BPO) or appraisal person a printout of REO properties that have sold near the property since the subject property might, indeed, become an REO property if the lender completes the foreclosure process. Also, mention to the person what your offer price is - - they know how the game is played and telling them your offer price may just influence their “as is” Fair Market Value.

Lastly, bring some m&m’s or similar “hand-type” chocolates when meeting the BPO/appraiser - - they might have a sweet tooth and give you a sweet appraised value. Can’t hurt.

Atlanta_bob

Re: Most important aspect in a short sale - Posted by Stew(NE)

Posted by Stew(NE) on April 17, 2007 at 23:53:36:

Yep the BPO is the most important part. Do you meet the agent out at the house to show him or her your list of repairs or comps. If not, Start doing it.

Re: Most important aspect in a short sale - Posted by Brian_wa

Posted by Brian_wa on April 18, 2007 at 10:27:47:

Yes I do. However, I have been able to influence only 1 agent it seemed. And she was a lady. Other agents took my comps and list of repairs but not sure if they used any of it.

Brian