More changes are happening with Bank of America's short sale process! This should make the process of disputing their valuations at least a little more simplified! One stumbling block in the past that has been difficult to overcome is if the BPO or Broker's Price Opinion comes in higher than the agreed upon purchase price between the buyer and the seller. In the past there was no standarized process to dispute this. In fact, in one case we had the BPO value was over $50,000 over the agreed upon price because the agent completing the BPO did not take into account all of the repairs needed just to make the home habitable again! At the time the negotiator could not tell us exactly what the investor wanted to see in order to dispute it, so we sent the Bank of America negotiator everything we could think of...pictures, repair bids, a new BPO, etc.
Now, Bank of America has revised this process and they have set up a standarized procedure for disputing these valuations. Read more.
If you are an Elk Grove homeowner thinking about selling your Elk Grove home and you are upside down on your mortgage or behind in your payments, now is a good time to get your home on the market.
If you are a home buyer looking for an Elk Grove home, remember Elk Grove short sales are closing. Just make sure that your real estate agent asks the right questions about the short sale before you make your offer. If you would like a list of the right questions, give us a call at (916) 405-5737 and we will be happy to send them to you!
Remember, the deadline is fast approaching for the Mortgage Forgiveness Debt Relief. 12-31-2012. If you have any questions about this deadline or want to know what your options are on your mortgage, give us a call at (916) 405-5737 or send us a quick email to Info@ModeandDurhaM.com We are here to help!
If you are interested in finding out more about the Elk Grove real etate market, buying foreclosure properties or short sales or about financing investment properties, make sure to check out our website at www.FindaHomeinElkGrove.com.
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