Are investors entitled to a copy of the BPO when negotiating a SS? If not, will the bank tell you the BPO information?
Any investor I’ve worked with always does his own due diligence. I’ve never known a bank to give you theirs.
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.
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.
Thanks to you all for your responses. It really helped me :smile
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.