Short sale broker price opinion
Not everyone will recommend this, especially Virtual Investorsbecause it takes time, but you really should show up, especially if the location is nearby. If you are a listing agent and you are employing these strategies effectively then chances are you wont have any issues with inflated BPO's. Follow Up and Close Strong! In some instances they will do what we call short sale broker price opinion drive by BPO.
Find out everything you need to know about Short Sales. Make sure the broker themselves come to the property some brokers will unethically send in surrogates for a cut of the lender payment — and make sure the borrower is NOT home! It is very difficult for a lender to dispute that when we have a solid listing price history clearly demonstrating that we've tested these various price points. Remember, this is short sale broker price opinion last opportunity to mention anything they missed, so make sure you take advantage of it!
It is human nature to take the path of least resistance. What do I mean by non-distressed comps? Ask them if they have an initial ballpark estimate.
Also, if you do a lot of short sale broker price opinion, it will help to develop a relationship with the broker doing the BPO. For the short sale agent or real estate agent, a BPO is typically ordered by the bank or lender when considering a short sale offer. Follow Up and Close Strong!
Password Use at least 8 characters. Not everyone will recommend this, especially Virtual Investorsbecause it takes time, but you really should show up, especially if the location is nearby. When you are establishing that initial price point you want to start with non distressed comps. That is just a fancy way of saying the short sale broker price opinion appraisal within the context of a short sale transaction. BPO stands for brokers pricing opinion.
This strategy does two things. Ask them if they have an initial ballpark estimate. You can even give her your suggested property short sale broker price opinion. Your repair estimates should include both the more cosmetic items like peeling paint and damaged counter tops as well as the more serious issues like foundation cracks or a leaky roof. When you are establishing that initial price point you want to start with non distressed comps.
Create your own repair estimatesas well, so you can compare notes with the broker. You want to start with equity deals. The next step is meet the BPO agent. Nick Reuterabout 8 years ago. Follow Up and Close Strong!
Well, you want to effectively employ this strategy when establishing a listing price history of the home. Number two, and just as important, is we are establishing a listing price history. Appreciate the positive feedback! Log in Email Password Forgot password?
Meanwhile, the lender wants the BPO value to come in as high as possible. Simply put, the Broker Price Opinion, or BPO, is an valuation or estimation of a property completed by a real estate broker or other licensed individual. Find out everything you need to know about Short Sales.
Real Estate Forms Leases and other legal documents for landlords. Remember, you want the BPO to come in as low as possible; so seeing short sale broker price opinion damage is important for the broker to really understand the true nature and magnitude of the repairs that must be done. Often times they say that you cannot influence them, but in most instances they'll accept it. Make sure you mention crime statistics and other neighborhood items if they forgot.