Well enough of Chicken Little. I do love to digress from time to time.
Influencing the BPO is the single most important factor in getting your short sale accepted. As a professional real estate investor, you must meet the appraiser or broker at the property. You need to learn how to manage the appointment. Above all remember, the number that the appraiser submits will determine if your offer will be accepted.
You need to realize that the person evaluating the property may not know the reason for the evaluation. In fact many appraisers will assume that the property is being considered for a refinance. Although, these days this is happening less and less.
Appraisers are used to creating higher numbers so that sales can be completed. They are not geared to coming in with low numbers to expedite a short sale. The purpose of managing the appointment is to get the person evaluating the house clear on why you need the lower evaluation.
The biggest mistake that investors tend to make when meeting an appraiser or BPO agent is to try and impress them. Do Not! I repeat DO NOT!!! attempt to impress the BPO agent as a means to get them to come in with a number close to your offer. You should under whelm the appraiser or BPO agent. Make sure that you drive something other than your Mercedes or Lexus. Be sure to act like you do these every day and it is no big deal. Don’t impress them about how much you know about Real Estate. In fact, act as if you know very little about real estate and short sales.
One key is to arrive at least 15 minutes early to the appointment. On our next post we will explain why you should do this and what you will do next. Stay tuned for coming attractions…….
Yours in Success,
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P.S. If short sales and foreclosures are overwhelming to you I recommend that many beginners try wholesaling. One of the best courses I have ever seen on the subject can be found at Flip Your Way Success. Check it out.