BPO

Foreclosures, Short Sales, Tax Foreclosures
1

Are investors entitled to a copy of the BPO when negotiating a SS? If not, will the bank tell you the BPO information?

2

Hi,

Any investor I’ve worked with always does his own due diligence. I’ve never known a bank to give you theirs.

3

Sometimes the bank will tell you their BPO, sometimes not. I always ask.

I ask straight up How much do you need to net? American Servicing Co. actually told me the minimum that they needed.

4

Gregg, that’s funny… I do that too… and yes, a lot of times they DO actually tell you. They’ll even tell you the least amount they can net in a lot of cases. I typically don’t believe them and offer lower still anyway, but sometimes that really IS the number they need. Some tell you, some don’t.

5

Thanks to you all for your responses. It really helped me :smile

6

I have had several banks tell me right up front (Citimortage and Saxon for example). Others do not. Beware, however, that when the loss mit rep I had been dealing with at Saxon was out, someone else “helped” me and told me that the BPO had come back and they needed to net around $320k. When my loss mit rep got back in the office and I spoke with him, he said the offer needed to come in at $295K; that saved me $25K.