Anyone have good info on securing your own BPO without having to pay up front costs? I surmise I could request a BPO from my agent on the premise that I am going to list, as I now have control of the property. My problem is I may wholesale it depending on the amount of the short sale and I won’t be listing it.
Blessings
Bri ;D
Howdy Brill:
Sold comps are hard to get without a Realtor or an appraiser. About the best you can do on your own is to compare with existing active property that you find by driving the area or searching web sites like Realtor.com etc. You may want to subtract a little from these as not all listings sell for the full asking price.
No I actually need a BPO done, what I said is I don’t want to pay up front cost. I am not sure I can add it to the eventual closing if I don’t list with my agent.
Brian
Howdy Brill:
Offer the Realtor $100 for the BPO. It may only take them an hour to do it and then you will not feel obligated to list with the agent. LOL
Hi,
I’ve been studying foreclosure for a little while now. (No experience yet, working on it tho) . From what I’ve been reading, correct me if I’m wrong, but BPOs are generally done by realtors that the bank sends out. Very rearely do banks take BPOs from investors(unless you can back it up with comps, photos etc). Just trhing to help.thanks
Howdy Kikaider69:
Yes you are correct. Most lenders will order an appraisal usually from a list of appraisers that they have preapproved. They will use a rotation system depending on the lender. Private lenders may rely on just BPO’s if they wish. In the past there were such things as windshield appraisals where an appraiser would just drive the comps and give a quick opinion of value at a cost of about half the reqular price and this would do for some lenders. I have not heard of them now for the better part of 10 years. With all the fraud recently appraisals are being looked at even harder and even reviewed by a second appraiser at times. LOL
Well honestly I don’t mind iff there is a full appraisel if it is donne ethically and honestly…comps should be foreclosures since this house is a foreclosure. I have seen a trend in my area of banks appraisers over appraising badly run down houses with non foreclosure comps. I bought a hud that was appraised about 20 thousand above real value and it sat on the market for 8 months. I ended up buying for about 10% below it’s foreclsure value… So my primary concern is that the appraisers use good judgement in doing the valuation, thus my wanting to get my own BPO for the short sale…
Sorry for the rant
Bri