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Investing In Foreclosures - Short Sales -Influencing the BPO
Well enough of Chicken Little. I do love to digress from time to time.
Influencing the BPO is the single most important factor in getting your short sale accepted. As a professional real estate investor, you must meet the appraiser or broker at the property. You need to learn how to manage the appointment. Above all remember, the number that the appraiser submits will determine if your offer will be accepted.
You need to realize that the person evaluating the property may not know the reason for the evaluation. In fact many appraisers will assume that the property is being considered for a refinance. Although, these days this is happening less and less.
Appraisers are used to creating higher numbers so that sales can be completed. They are not geared to coming in with low numbers to expedite a short sale. The purpose of managing the appointment is to get the person evaluating the house clear on why you need the lower evaluation.
The biggest mistake that investors tend to make when meeting an appraiser or BPO agent is to try and impress them.  Do Not! I repeat DO NOT!!! attempt to impress the BPO agent as a means to get ... more

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