Short sale list agents need to protect sellers from the incompetent, lazy, and fraudulent BPO "agents". I have had BPOs inflated by as much as 120%
My listing agreement with sellers requires that any BPO agent must:
1. Be accompanied by the listing agent when accessing the property. (I can make sure they showed up, that they are sober, and that it isn't the agents nephew)
2. Provide an up to date copy of their Errors and Omissions Insurance Policy to the seller. (So the seller's attorney will have it if needed.)
3. Provide all of their contact information and broker's contact information to the seller. (Seller has a right to know if the agent is from 100 miles away, who they are, and who is responsible for their actions.)
Agents that focus on short sales are tired of having their hard work trashed by an inflated BPO. I won't repeat the horror stories, but list agents are now suggesting that sellers go after those that fail to properly value their property and cause them harm.
Philip Hanner
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