Bpo Strategies after high BPO

[Michael Soriano]

Outside of the normal bpos strategies: meet bpo agent at BPO, bring comps. contract, repair est, send in your own bpo or appraisal. Has anyone used any other strategies consistently that has really helped bring in a good BPO .

I have a short sale(B.O.A) that the BPOcame in at $155k -this house has been listed close to a year at $155k with no serious offers. We let the original expire and the 2nd one cam in at the same value. Wt bleep

[Joel Owens]

It varies state by state on what level a real estate broker/agent can help a seller with a short sale on the residential side.

In some states brokers/agents simply submit a contract and attorneys for the parties do the rest.In some states brokers/agents can help with workout options but in other states they must hold a mortgage license.

There is also Federal requirements and disclosures brokers/agents must use when listing a short sale.

The government calls it "the short sale streamline process".I call it a bunch of red tape that isn't needed which creates more government oversight and bloat wasting our tax dollars.

Depending on loan type if the property is FHA then they can only accept a certain amount off of appraisal.

A few years back it was easier to massage the bpo using different strategies to get close to your purchase number.

Today more banks are using agents with experience doing bpo's and also the banks have controls in place to almost eliminate any manipulation by investor purchasers on value.

Another point is if your area is declining by 1 percent a month and it takes 3 months for an approval by the time you close you have lost 3% in value.

How you approach a short sale and an acceptable number will depend on what you are doing with the property.

Margins and hold times are different for assigning,flipping,and rentals.