Wondering Why Your Short Sale Hasn't Had a BPO Yet?

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Real Estate Agent with Long and Foster REALTORS®, Gainesville, VA VA License # 0225089470

Wondering Why Your Short Sale Hasn't Had a BPO Yet?

In the world of Short Sales, agents get a good sense of when a BPO will be ordered (right after the contract package is received by the bank) and how long it takes before you hear from the BPO agent (within a day of it being ordered.)  I have one Short Sale listing that has not yet had it's BPO.  And a phone call earlier this week may explain why.

There was a message on my voicemail from an agent calling to do a BPO on a street address that was NOT my listing.  In fact, it took me a minute to digest the whole address.  It wasn't just the wrong street address, the property was in Fresno, CA.

I called the BPO agent back and let her know that I was most certainly NOT the listing agent of that home in Fresno.  She initially wanted to argue with me, insisting that this was the number the BPO company had given her.  She was having that same sluggish response to the fact that our markets are separated by about 3,000 miles.  She laughed when it finally hit her, and confirmed that I was in fact in Virginia.

While I did need a BPO on one of my listings, I told her that the company probably got their wires crossed and some other agent, maybe that Listing Agent in Fresno she was looking for, was getting a call from MY BPO agent.  I hope whoever did get that call was kind enough to call the BPO agent back and let the company ordering the valuation know because there was clearly a mix up.  Maybe then the crossed wires will be untangled.

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Rainmaker
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Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Chris Ann I complete BPO's when I have time and alot of them are short sale BPO's. I have to say at least once a week i get wrong iinformation, I like to research the home before even accepting the bpo to make sure it is correct. The banks are hiring asset management companies which then hire the agents. I have stopped working for a lot of companies that cut their rates by half in some cases. I have found some comapnies a year later coming back paying me my fee as they know they will get it done quickly and correctly. I wish you luck in your BPO.

Sep 19, 2012 09:54 AM #1
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Scott:  The last BPO I did was in 2008.  I don't remember getting wrong info as often as you are saying.  I think this is a step in the process that is going down the tubes.

Sep 19, 2012 12:00 PM #2
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Richard Weisser
Richard Weisser Realty - Newnan, GA
Richard Weisser Retired Real Estate Professional

Chris Ann...

There are so many things about short sales that are frustrating, and getting appraisals and BPOs is one of them!

Sep 19, 2012 12:25 PM #3
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Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Chris Ann - I have nothing but the highest respect for you and the other agents that work effectively in that environment. It would drive me completely nuts in no time flat.

Sep 19, 2012 01:58 PM #4
Rainmaker
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Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

Years ago I did BPO's. One day a lady called to ask me to do one in Idaho Falls. I said no, I couldn't do that - it was a good day's drive away. She argued with me - because she couldn't believe I could drive all day and still be in the same state. I asked where she was calling from - Maryland.

Meanwhile... The incompetent record-keeping at these banks is amazing to me. When I was a kid I was taught that banks kept the best books of anyone. Now I wonder if it was true even then. Maybe so - that was before everything was on computers - not so easy to hit a wrong button and scramble everything.

Sep 19, 2012 03:03 PM #5
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Richard:  How anyone can screw up BPOs for different states is beyond me.

Dick:  Crazy is the new normal.  So I am working in a completely normal environment.

Marte:  When a job is made easier, so is the ability to screw it up made easier.

Sep 20, 2012 03:29 AM #6
Rainmaker
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Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Fresno, Bristow, same thing, LOL. Now I know where the BPOs go. I have another Cooperative short sale at Bank of America, and the bank is insisting the BPO was done on the 7th of September. I put a lockbox on that property at the end of August, so you tell me how an agent did a BPO without accessing the property? There has been on activity on that lockbox at all! The BPO was never done. So I'm back to Square One at Bank of America. Don't be telling me the BPO is done when it's not done, hahahaha.

Sep 20, 2012 04:42 AM #7
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Elizabeth:  Don't wind me up on these BOA Cooperative Short Sales.  Got one that's back on the market that really should've gone to settlement.  BOA set the price, we delivered a buyer and then sat on the offer, and ended up countering three times.  Buyer walked.  I got three BPOs on that one...hence the counters.  There's no happy medium, is there?

Sep 20, 2012 11:49 AM #8
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Chris Ann Cleland

Associate Broker, Bristow, VA
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