What are we becoming? - 05/26/08 10:01 AM
Short sales are interesting.  Because the seller cannot collect any money, they are listing houses at ridiculous prices in order to get action.  So we have phony listings.
I recently did an interior bpo.  The agent met me at the property and handed me a copy of the offer.  She told me it was a low offer but it was good for her because it made the bank start the process and she would get an idea of what price the bank would accept.   The property was listed at $220,000.  The offer was $140,000.  The buyer was putting $100 down.  The bank was to pay all expenses.  So we have … (14 comments)

If the value of your house went down, reduce you insurance - 05/21/08 09:02 PM
The value of your house has probably gone down.  Mine did, a lot.  I got my bill for my homeowner's insurance.   It was still at the old higher value.  I called my insurance agent and reduced the value of my policy.  I am still 100% covered and have extra money in my pocket. 
… (3 comments)

BPO Software - 05/11/08 04:57 PM
One of my pet peeves is BPO software.  As an old computer programmer, some of the errors drive me crazy.  One wouldn't let me enter in 02/29/2008 as a sold date.  
 Others make you bracket the comps based on sold comps.  With their permission, I've gone 60 miles away in order to do this.
Others won't let you put in a value greater than the list price.  Some short sale listing agents are putting ridiculous prices on their listings in order to get an offer.
  One company makes you have at least 1 comp be the same condition.  I did an … (10 comments)

Short Sale Prices and BPOs - 05/10/08 09:35 PM
While doing BPOs, I am finding some unusual pricing for short sales.  One property I was doing a BPO on was a short sale.  It was in a two year old building.  It was a 2 bedroom condo listed at $125,000.  What was unusual is that 1 bedroom condos in the building were listed at $130,000.  All of the other 2 bedrooms were listed for about $150,000. 
The best part of this story is that the BPO company software gave me an error message when I said that the value was greater than $125,000.
… (6 comments)

 
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Matt Kofsky

Reno, NV

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Transaction Realty 500 Reno, Nv.

Address: 6121 Lakeside Dr, Suite 101, Reno, Nv, 89521

Cell Phone: (775) 240-4663

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