short sales: What is a BPO?
- 01/23/11 04:02 AM
Question: My lender said that the offer of $360,000 on my house was too low because the realor hired by the bank to perform a BPO said it was worth $380,000. What is a BPO? Answer: A BPO stands for Broker's Price Opinion. When a lender wants to know the market value of a home for that moment in time they will often hire a realtor ( or a company who hires realtors) to give them their opinion of what the current market will bear for the property in question. This is not a full appraisal but there are certain parameters that must be … (3 comments)
short sales: Hardships and Short Sales
- 07/02/10 05:52 AM
This informative post is re-blogged from Partner First, an online real estate network with resources for buyers, sellers, and agents. This post was written by Jacob Swodeck, and published on his Partner First affiliated blog.
BACK TO THE BASICS: HARDSHIP AND THE HOMEOWNER...WHAT WILL FLY? Posted by: jswodeck on Jun 01, 2010 Tagged in: Untagged What qualifies as hardship in a short sale? I get this question fairly often, and it should be addressed. First, I’ll tell you what does not qualify as hardship, and that is simply being underwater. If you owe more than you are worth, being upside down alone is not … (0 comments)
A short sale occurs when a seller wants to sell his/her home but owes more to the bank than the home is worth. They will then negotiate a sale with a buyer and then ask the bank to agree to the terms of a sale which means a loss for the bank.
The Pros:
The hope is that the bank will be willing to take a loss before foreclosure rather than have to wait for the foreclosure process to occur, and then have to take a loss anyway.
Question: My lender said that the offer of $360,000 on my house was too low because the realor hired by the bank to perform a BPO said it was worth $380,000. What is a BPO?
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