Working with woman in foreclosure- ideal ss candidate. Her friend is a real estate agent that wants to help out. EMC Mortgage is asking for me to get the BPO done so I called homeowners agent friend and asked her if she could do a BPO, but she has never done one.
Can anybody tell me exactly what the lender is looking for relating to the BPO?
Thanks
gregg, tucson
It’s a broker price opinion, so they want the opinion of the price the broker would list it for. :rolleyes
You have a shot at immortality here. If the broker knows the homeowner, and wants to help her out, you can practically name your price. Point out everything that’s wrong with the house, falling prices in the neighborhood, listing times, whatever you can think of. Get them to go as low as possible.
Take coffee and donuts, and your own list of low end comps.
Great.I sent her over a list of repairs and lower comparables and kind of explained how shortsales work.
Ive often wondered about incentivizing agents to take a real look at the repairs, by letting them know I would give them $500 after I sold the property. I dont know if there are any legal issues, but I am still talking it over with the big man upstairs as to whether its moral or not to incentivize like that.
That could be seen as mortgage fraud.
Eventually you’d end up getting so many low numbers that the banks would smell a rat, they have access to the same databases as everyone else, so they usually have a ballpark figure before the BPO comes in.
In my experience it’s better to be straight up than bent, at least that’s what the wife says.
EMC is asking YOU to do the BPO??? That doesn’t sound right. The whole purpose of the BPO is for them to get an “unbiased” opinion from an independent broker. Are you sure they’re not asking you to assist with the BPO from a broker of THEIR choosing??
No, to clarify EMC asked me to get a BPO done by a real estate agent, and I am not a real estate agent. I, too thought it was odd that they were asking for an agents opinion that I might be able to easily influence.
I ended up enlisting an agent to get me a BPO for $25. I told her I may be able to list properties with her that I shortsale in the future, but let her know I usually need cash buyers, and quickly.
Networking.
We call that networking.
That would be a good thing.
Wait, what are you saying JDS? Do you think I approached this the wrong way? And thanks for your previous input.
No, I mean talking to the agent about listing properties.
That can only extend your buyers list, by stealing hers.
See? You’re a genius.
The BPO is a stall tactic from the bank. Your BPO will be trashed when they get it. Request a short sale pckage.Your BPO will be used only if Gomer Pyle is in charge of the Bank.
To avoid the 500 dollar mistake with the Realtor, just agree to a referal fee to her from your sales team…You/your realtor. You can sign paper to that effect.
And no , I know you won’t be stealing her buyers because she will write the offers on the properties you have FOR her buyers. If you supply good deals for her buyers then she will help you be succesfull. Then you will create a viscious circle of profit,repeat, profit,repeat…New Harley, repeat…profit
Darin