bpo: Morris County Short Sales: What is a BPO and why does it matter on a short sale?
- 03/01/11 04:07 AM
Morris County NJ – Some agents hate short sales. Why? Because they don't understand them. So, don't believe them when they tell you that short sales are impossible. I will explain what causes their problems in today's post. There are two things you must understand if you are doing short sales. They are BPOs and HUD-1s. A BPO is what the short sale lender uses to determine the value of the property. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. BPO stands for "Broker's Price Opinion." They are what another real estate agent (Broker) … (0 comments)
bpo: Morris County Short Sales: What is a BPO?
- 02/17/11 04:04 AM
Morris County NJ – If you have been reading about short sales, then you have probably heard the term "BPO" and wondered what it meant. BPO stands for Broker's Price Opinion. A Broker's Price Opinion is when a licensed real estate agent gives their opinion of the value of a property. That value is what the lenders use to process the short sale. Most short sale approvals or denials are based off of that opinion of value. The agent goes thru all the recent sales of properties similar to the property they are valuating. They want to find the 3 closest … (0 comments)
bpo: Morris County Short Sales: Are Lenders So Desperate They Will Accept Any Offer?
- 01/31/11 07:46 AM
Morris County NJ – Have you heard the following myths about short sales? Myth #1: You can buy short sales for dirt cheap and then turn around and resell them for a profit. Myth #2: Foreclosures, Short Sales, and Bank Owned Homes can be bought for 30 to 50 cents on the dollar with no money down. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Myth #3: Lenders will accept any short sale offer even if it is for only 50% of what the home is worth. After all, they don’t want a foreclosure on their books. These … (0 comments)
bpo: Meeting the BPO Agent: How and Why?
- 12/16/10 09:04 AM
Even experienced Short Sale Agents often miss one critically important step in the Short Sale process: meeting the BPO Agent.
Some are under the impression that it is against the latest BPO and Appraisal rules to meet the BPO Agent. This is not a problem as long as the meeting is done correctly. The rules were set up to make sure that the BPO Agent is not unduly influenced or coerced into a particular finding. The Lender can’t make compensation dependent on a particular property value; the Buyer can’t bribe the Agent into reaching a given price. The Buyer or … (2 comments)
Morris County NJ – Some agents hate short sales. Why? Because they don't understand them. So, don't believe them when they tell you that short sales are impossible. I will explain what causes their problems in today's post. There are two things you must understand if you are doing short sales. They are BPOs and HUD-1s. A BPO is what the short sale lender uses to determine the value of the property. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. BPO stands for "Broker's Price Opinion." They are what another real estate agent (Broker) … (0 comments)
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