BPO’s or CMA’s - we have been putting in our own CMA and in some cases it seems to work because an actual BPO doesn’t get ordered and we get an approval. But I was wondering if someone has to be an actual Broker/Agent to do an actual BPO - not one hired by the lender but just one of us. I have the paperwork to do it but I am not an “agent” - I would be considered an investor (but I’m not the buyer on these short sales) so I am well aware on how to pull data for a BPO/CMA - can I sign these forms and be official not being an agent/broker?
I would love to know what banks are taking offers without BPO’s or appraisals just based on your info.
I have been doing this a long time and I find that no matter what you say the bank usually wants to verify the FMV through a non-interested third party.
If you could let me know who is taking these offers based on your info I will be eternally grateful.
At this time, I have someone who does the BPO’s for me and they have been mostly accepted by the lenders. Select Porfolio has been one - they have worked out so long as the exterior BPO the lender has already performed falls within the BPO I provide otherwise, they do end up ordering their own. It definately hasn’t been full proof. As well the 2nds seem to always order their own no matter what I provide. So I have found this to be a very important piece in our packet. I was wondering if I alone would be able to provide this information - because a lot of the homeowners do not wish to pay for the BPO themselves (needless to say) : )
on our team - we have one agent handle all the communications with the bank - all of them. it’s fantastic. she gets a referral fee - i service the listing in terms of marketing, etc… i get the buyers as well.
nice.