Archive for February, 2011

BPO AGENTS KEY TO SHORT SALES

by Maria Hass

An EMC Mortgage negotiator recently countered what I thought was a very good short sale offer by $22,000 more. I informed the negotiator that the BPO value was flawed and the house would sell very low because it sits next to a gigantic electrical structure but he would not believe it. I escalated the matter to the executive office of EMC and got in contact with the customer service representative, who forwarded my concern to the manager of the negotiator.
I wouldn’t have had to go to all this trouble if the BPO was reasonable in the first place.

BPO agents hurry to meet the deadlines of lenders and in so doing, submit inaccurate data that may result in the seller being foreclosed on and the agents being left empty-handed. Many BPO agents don’t care about the possible outcome of their BPO to the seller, buyer, agents, and the housing industry. All they care about is getting a value done and going to the next one.

It helps for the listing agent to meet the BPO agent at the home to be valued and to share information about the home to increase the chances of getting fair value and eventually closing the sale.

What makes a short sale unpredictable to close is, you never know the value that BPO agents submit and who your negotiator will be. Either one could kill the deal.

February 25, 2011 at 1:30 pm 1 comment


Categories

Feeds

Fresh Tweets

Error: Twitter did not respond. Please wait a few minutes and refresh this page.