BPO Part I , Valuable Information
Just to summarize the last 7 days of talks, we have been talking concerning what must to be done in the first 30 days of your short sale procedure. Those things include, getting your package sent to the bank, getting your BPO ordered and getting a negotiator assigned to your folder.
The BPO and the negotiator occur in different orders depending on which bank you are working with. Therefore, you have to do a good job of keeping on top of that idea.
So, now, we are going to dig a tiny bit deeper into the BPO. Basically, BPO stands for Broker’s Price Opinion. This is basically a different agent just like you or me that gives the bank an estimation on the value of the house. It is much like an appraisal. There are banks that may order a detailed appraisal, but BPO is the more common case with short sales.
It only takes 1 BPO with 1 value to get your short sale accepted. You have the alternative to dispute a BPO. Yet, it is vital to know that a BPO is tremendously important to you when it comes back accurate. When we say accurate, we mean that you concur with the value and it supports your proposal. Nevertheless, it is unhelpful when it comes back high or overestimated.
One BPO does not make or fracture this deal. Tomorrow, we’ll chat about how to get the BPO ordered and how to find out what the value of the BPO is.
http://group4610shortsale.com” title=”Arizona Short Sale Specialists Answer Questions”>Short sale FAQs and more.
Get powered up by Kevin and Fred at http://shortsalepowerhour.com/bpo-basics-part-1-short-sale-power-hour-01-26-10/ title=”BPO Part 1″>Short Sale Power Hour by the Short Sale Specialists of Arizona
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