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Morris County Short Sales: What is a BPO and why does it matter on a short sale?
Morris County NJ – Some agents hate short sales. Why? Because they don't understand them. So, don't believe them when they tell you that short sales are impossible. I will explain what causes their problems in today's post. There are two things you must understand if you are doing short sales. They are BPOs and HUD-1s. A BPO is what the short sale lender uses to determine the value of the property. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. BPO stands for "Broker's Price Opinion." They are what another real estate agent (Broker) thinks a property is worth. Basically the agent gives their opinion of the value of the property. "I think it is worth 300k", they put on the report. Lenders accept or reject short sale offers based on the BPO value. If the agent has given a value of 300k, then a short sale lender will not accept a sales price of 250k. The problem is that, in my opinion, sometimes the values are inaccurate. I have seen agents drive 50 miles away to evaluate a property. They go to a place where they do not sell real estate. As a ... more

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