A VALUATION tip for Real Estate Agents doing short sales in NH or Massachusetts

A VALUATION tip for Real Estate Agents doing short sales in NH or Massachusetts

Ok, really this is a tip for any Realtor that does short sales in Massachusetts, New Hampshire or ANYWHERE! First, if you are currently an agent that works with us for negotiation we are changing our policy on BPO’s so BE AWARE. Short Sale Mitigation, LLC now requires all agent to set up their appointment VIA EMAIL.

Here is why and this is what we are adding –

We are VERY aware that some BPO agents are also REO agents and on MORE than one occassion has this been an issue with BPO’s coming in too high, or the BPO sending out a picture taker to the property.

We thought we had a pretty good handle on this, but recently an agent that we’ve done over 5 transactions with met the BPO agent (or so he thought) at the property. He said this was no more than a 20 year old kid that got out of the BACK of a pretty beat up car. We USUALLY don’t allow an REO agent to walk through the property and call the selling lender and request someone different, however, we didn’t do our homework first and of COURSE the BPO came in about $50,000 over FMV. Also, the listing agent we work with felt this was NOT the BPO agent but merely a picture taker.

From now on, ALL Short Sale Mitigation, LLC listing agents will be required to set up their appointments via email. You are to then send out a confirmation email to the BPO agent with this in the subject line “BRING PHOTO IDENTIFICATION TO YOUR APPOINTMENT”

Short Sale MassachusettsIf you are a homeowner reading this post, you may be scratching your head. A BPO is a broker’s price opinion that is ordered by your lender. Now typically we do not have issues with an appraiser who valuates the property but we HAVE had one appraiser send his brother to take pictures so even then, you can run into issues. If your BPO price is too high, you have a very small chance to get your short sale approved because the selling lender will think the offer is too low. If you have a person who is NOT actually valuating your property, but merely taking pictures to give to someone else, this will hurt your chances of getting a TRUE valuation. We need the person walking through the property to be the one who actually assigns the value to the property. PERIOD. That valuation goes back to the bank…usually within 24-48 hours and then the lender will make a decision on the offer. If the valuation comes back at $260,000, but your property is REALLY worth $210,000, then you have a slim chance of getting your short sale accepted. It is EXTREMELY important from now on that all listing agents make their appointments via email so that the confirmation message clearly states we will be expecting their PHOTO ID.

Maryann Little, Preforeclosure acquisition, and short sale facilitation
Massachusetts short sales
New Hampshire short sales

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