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Do enough short sales and you're likely to get burned by a BPO agent or two. The majority of agents I run into doing these are not what I'd call qualified to give market values in the first place. The first issue is it stands for Broker's Price Opinion. If you're an agent, Idaho State law says you're not supposed to be doing them anyway. The problem, it's not being enforced.
So how do you handle a bad BPO
Here's a couple things that might make sense depending on how far you want to take it.
1. If your laws are the same you could always let your real estate commission have a crack at him.
2. With a little less aggressive approach I've had pretty good luck with sending in comps to the negotiator to prove the BPO was out of line.
Keep in mind, the negotiator is not a real estate professional, you are. Sometimes you have educate them just like your clients about the realities of the market.
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