High BPOs kill deals. They help out REO agents, but they hurt sellers, buyers, and the short sale lenders. We contest approximately one out of three BPOs. When you contest a BPO, send the negotiator your own BPO. Here is the most effective tool I have used to back up my value. It's the price per square foot. You can't get a deal approved when the house is selling for $95 a SQFT, but the bank's BPO shows a value of $110 a SQFT. Now, if most of the comps show a value of $95 a SQFT, then it would appear that the BPO agent messed up. So, whenever you contest a BPO, write down the price per SQFT that each comp sold for. This makes your value much easier to believe.
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Ben & Chris Curry - The Short Sale Agent's Advocate
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