Always, always, always meet the BPO agent at the property.

Most agents will agree that short sales provide many challenges.  I speak to many agents on a weekly basis, from various companies, and one of the most surprising things I find deals with the BPO part of the short sale.  The BPO makes or breaks the short sale.  It amazes me how some agents put in all the required time and energy into the short sale, but fall short when it comes to the BPO.  I can not stress enough how imperative it is for agents to meet the bank's BPO agent at the property.

There are many situations that may cause the bank's BPO agent to provide an inaccurate estimate of the properties true worth.  Once the BPO value comes in too high, the likelihood of a successful short sale is greatly reduced.  Two common causes which lead to wrong valuations are: 1. The BPO agent is not from the area and does not have in-depth knowledge of the local market.  2. The exterior of the home does not reflect the condition of the interior.  The problem with the first cause is obvious.  The problem with the second may occur when the BPO agent does a drive by, and most likely resulting in an inflated estimate.

These two examples alone should be enough incentive to meet the BPO agent at the property.  With all the complications involved with short sales, it is vital to dedicate the same amount of attention to the BPO, or you'll be rolling the dice on your short sales, "hoping" they will close.