Yesterday we recapped the 1st 30 days and also brought to your attention the prospect that you might not be pleased with the BPO number. So, we are going to get back to playing detective and speak about what must to be done if you want to contest the BPO or don’t like the BPO number.
The first thing that needs to be done is to figure out what the procedure is at each individual lender. Since each individual bank handles these disputes in their own technique, it is imperative to understand how the bank you are dealing with handles a situation such as this.
For instance, the VA has a documented official procedure. So, if your file comes back inaccurate and the VA is the investor on the mortgage, they have a reconciliation of value document that allows you to present comps on the house. Other banks, such as SOS, do something that they call a recon. They send our comps to a committee to re-evaluate.
The most popular thing that we see from banks is that if you can show support that the BPO is wrong, the bank will order a new BPO.
So, you are looking for one of two different outcomes. Idealy, you want the lender to back your comps or demand a new BPO.
Realize that they are looking at a report that their bank has paid for which looks completely different than what you are sending them.
Tomorrow, we’ll tell you a tale about when we worked with a negotiator at GMAC. Also, we’ll share how to forward in comps and go one step further. So, be sure to come back tomorrow for that information.
http://group4610shortsale.com” title=”Arizona Short Sale Specialists Answer Questions”>Short sale FAQs and more.
Get powered up by Kevin and Fred at http://shortsalepowerhour.com/what-to-do-when-the-bpo-doesnt-support-your-offer-short-sale-power-hour-02-03-10/ title=”What to Do When The BPO Doesn’t Support Your Offer”>Short Sale Power Hour by the Short Sale Specialists of Arizona