Can I use my own BPO for a short sale, or will the bank only use a certain one in that area?
I create my own BPO. Although I am a Broker I call it a RPO Residentual Price Opinion…
Most all lenders are going to request their own, or at the very least order a AVM.
I like giving them mine as it details everything I want them to see and indicates to the lender that I know what I am doing.
Position power is key in these negotiations… That and consistancy in followup…
I can not think of a single short sale seminar, e-book, guru, etc. that I have ever seen, heard, or otherwise been educated by which fails to discuss ‘Influencing the BPO / Appraisal’. The reason for this is that the lenders generally require the person conducting the BPO / Appraisal to be a non bias third party. This means our only chance of influencing this third party is by being present at the time of the inspection and providing the inspecting individual with comps and reports that we have found and/or generated that may influence their report. It is also important to maintain a positive conversation with the inspector in which all roads lead to your desired number range. If we are successful their report will return to the lender reflecting our desired numbers.
Generally the documents I present to the inspector are included in my short sale package to the lender(s) under the ‘Supporting Documents’.
Good Luck! :beer
I would STRONGLY agree with Foreclosure Neg. I give the lender my RPO as well. And by all means be there for the BPO. Just make sure youre ready to justify your price…
It is becoming fun out there…
Thanks for the responses. The reason I am asking is because I know a BPO that I have have dealt with previously, he told me that if I ever needed him to just give him a call. He knows that I am a new investor and is willing to help me out. I was just wondering how to use this to my advantage in short sales. He also does appraisals, I was thinking of having him do my first appraisal that I present to the bank, this way if (when) it is low, it might set the tone for the following BPO and forthcoming appraisals.
Frank