Hi! This is Nathan Olotoa with www.59days2sold.com and www.Seattleshortsalesagent.com and I specialize in short sales in the tacoma and seattle areas. Today I would like to answer a question that many people who are in distress may have. Who the heck is this stranger taking pictures of my house?
If you are currently attempting to short sale your home, do a loan modification, or you have simply missed a mortgage payment you may notice that, from time to time, someone will drive by or walk up and take pictures of your house. Don’t worry this is not someone staking out your house. What is most likely happening is your bank is trying to get an idea of the value of your home. This is called a BPO.
What is a BPO? It means Broker Price Opinion. Once you begin to miss mortgage payments or begin the short sale or loan modification process the bank starts to become proactive in attempting to figure out what you home might be worth. They do this by hiring Real Estate Brokers, like myself, to interpret the market, evaluate your home and find out what it may be worth in todays market.
There are two types of BPO’s. Exterior and Interior BPO’s. Exterior BPO’s are typically done once mortgage payments have been missed and can be done monthly thereafter until the home has been auctioned or taken back by the bank. Because these BPO’s are exterior the photos of the house or property can be take from the street and is legal as long as they do not trespass.
Interior BPO’s are done to understand the full scope of the subject homes condition. These are typically done when a short sale or a loan modification process has begun or if there is a pending contract on a short sale property. These are also done after auction once the bank takes over the property and prior to being put on the market as well. Most banks will do interior evaluations every 30 to 45 days thereafter in order to make any necessary price reductions to get the property sold.
So if you are beginning to see this type of activity around your house it is never to soon or to late to explore your options.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at email@example.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 253-310-1177 Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Nathan Olotoa.
Nathan is a Real Estate Broker at Keller Williams-Tacoma.
Short Sales Realtor: Phone: 253-310-1177. firstname.lastname@example.org. Listed to Sold in 59 days or less View My homes for sale at 59days2sold.com.
And see all of my previous blogs at www.seattleshortsalesagent.com Short Sale Realtor. Short Sales. Realtor. Tacoma Short Sales. Seattle Short Sales. Loan Modifications. Avoid Foreclosure.