A New-found Device For
We are revisiting a matter that we talked about a month ago regarding BPO disputes and we implied that the market might change a bit concerning BPOs. Essentially, we thought that the number of current listings was going to move up and that sales were going to lessen. We tied all of this theory into the idea that BPOs were going to get messed up in this process.
Particularly, the BPO challenges are coming from the bank valueing your property higher than it is really worth. When you have had a house on the market for numerous months and had no showings, you understand that the home is worth less but the lender does not always understand that.
This appears to be happening more often now. So, a few of the tips that we have given are to work rigorously to assist your BPO disputes to the bank. Use sold comps and active REO listings to do this. Take a glance at tax records to obtain this information. As we all recognize, the price of the current listings tells us where the market is going. If the price of houses on the active market are low, the market is going down.
The trouble is that it takes a little for the banks to catch up to this transformation in the market. In order to help you fight BPO values with the lender, we have an additional means that you ought to mull over.
There is a company out there that lots of of you are familiar with and the lenders are familiar with it too, namely, Lender Processing Services. LPS does a lot of stuff but they have a means that we, as realtors can truly use. Here’s how it works.
Sign up for an account with LPS and then you have the permission to pull REO market analysis reports. That is a report that is derived from tax data. It gives many precious pieces of information. This REO market analysis can give you a report that says what the AVM value is and what the REO value is.
The reason we love this report is because it is prepared by a third party. In essence, you can not influence it and we think that it holds much more weight with the bank. We have had huge success using it over the last few months. This is a useful means. We greatly recommend that you sign up for it now.
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Filed under: Financial Advice