Many lenders have been depending on BPO`s for their "comparable sales" when doing a short sale.
These BPO`s are not set in stone and can be questioned with the lender by either doing an independent appraisal or having the information sent to the lenders before hand, even if they don`t request it.
The lenders have a system they seem to follow. It`s not perfect,which means you must be on top of the situation everyday.
Rule #1:
Make sure your package is complete.
If you send the lenders and incomplete package be prepared to waste an additional 4-6 weeks in a morass of problems.
It`s even worse when a BPO is done incorrectly.Such is the case we`re involved in with a listing we have in Pembroke Pines. The offer as well as all the paper work had been sent 4 weeks ago.everything was sent correctly to the lender.The home was priced where there shouldn't`t have been any issues with the appraisal. The transaction was running smoothly.Today we received a call today in regards to the home and the price.
As I listened to the lender tell us the sales price i realized two things went very wrong!
1- The home we sent them was a 4bedroom,3bath,3 Car garage w/ 2900 SF under A/C.
2- The area the BPO was done was a good 5 miles away from our home.
Rule #2:
It`s always good to question the BPO.
Prepare yourself in advance for this to happen. BPO`s more often than not are incorrect and aren`t done properly. I`m getting the feeling the lender`s are finally seeing this as well. When you`re involved in a short sale it`s extremely important to have all the "Comps" sent in advance in order to go over everything with the "Processor" on the other side.Remember, they have no idea where you listing is.
Believe me, it`s time well spent in completing the transaction in a timely manner.
For additional information in regards to a "Short Sale" in Florida.
Please contact The Scott Daniels Real Estate 2.0 Group @ 954-275-0200
Email:realestatefla1@yahoo.com
web site.www.listfloridahomesforless.com
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