BPO Part II , Additional Good Information
The BPO is our topic of the day. Yesterday we briefly introduced the Broker Price Opinion. Just to repeat, the lender hires somebody else to go out to the home and determine what it is truly worth.
That having been said, the short sale is a math problem, not a word problem. There are two statistics that truly matter in a short sale procedure. First of all, how much is the house worth. And secondly, how much is the proposal.
There are a few of diverse ways to get the BPO ordered. The first thing we do is during submitting the package to the lender, we also send a BPO contact form. We do that so the people getting the package know who they are expected to contact.
So, first of all, when you send your packet be sure there is a printed document that tells who the BPO contact is. Secondly, when you phone to verify that the package is received, ask questions about how the BPO is ordered and who orders it. Make note of who the BPO link is. Also, find out when you can be expecting to get a phone call to give a person entry to the home.
Once a contract has been received the bank has to phone us to get into the house. The problem often arises that the bank can not be counted on to get the BPO done when they say that they will. In summing up, as we have whispered with each step in the short sale procedure, check and double check each small step. There are too many cronies at the bank shuffling you from 1 character to the next.
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-2-short-sale-power-hour-01-27-10/ title=”BPO Part 2″>Short Sale Power Hour by the Short Sale Specialists of Arizona
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