is an idea for banks that deal with lazy BPO agents!
For those of you who have dealt
with short sale listings
have all had that experience where the BPO came back way higher than
is really worth. Why would the BPO agent bring back a high
BPO to the bank?
Well, one of the reasons is that I think they are hoping the bank will
foreclose and they will get the listing.
But, why doesn’t the bank
question these agents to the value
of these properties. I think one thing that would stop
these bad BPOs is to
have the BPO agent list the property at the BPO price. Then when the
doesn’t sell at that price, they reimburse the bank the difference
they listed originally for and what it actually sells for.
The banks do this, this will stop
those horrible BPO
drive-bys. I had a listing that the BPO came back on that
showed comps of
completely remodeled homes over a mile away in newer housing
this house was built in the early 1970s, still had the original carpet
torn down to the studs. Was it worth what the BPO showed it was worth?
all, it couldn’t even qualify for a loan unless it was a 203k loan.
But, this agent did their
drive-by and clearly it was worth
$50,000 more because the outside looked OK. I sent the
pictures to the
negotiator and said “How could your BPO agent say that it is worth the
this house?” (Sending the pics of one of the remodeled comps)
The bank agreed and ordered a new
BPO and this time, the BPO
came back right where I said the price should be. So, laze
BPO agents, you
aren’t doing anything besides helping lower the property values and
homes on the market longer than they need to be when you give a bank a
So, for your sake, I sure hope they don’t take my suggestion.
Todd Clark (broker w/ Ken's Home Team)
Keller Williams Realty
I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.
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