Getting the BPO Ordered

You send in your ‘complete’ ss package to the LM including the purchase contract, repair estimate, all homeowner financials, hardship letter, cma, etc…

EXCEPT the purchase contract only has “payoff” for the purchase price (Contingencies are: Subject to acceptible short sale. Contingent on Mortgage holder agreeing to the short-sale discounted payoff as payment in full).

The LM usually tells me that I must have a dollar amount listed even though I state in the cover letter that “Additional paperwork will follow and offer will be presented after BPO is conducted, once we have an opportunity to review the title report, and perform our due diligence.”

Also, they sometimes say that I must include a net sheet of HUD-1.


I was also told that the LMs won’t even forward the ss package for approval unless they have everything (incl the offer amount & prelim hud-1)
I realize that the LMs are trying to be tough and get as much info as possible but I want to avoid playing this game and try to get an idea of the BPO value…
WHAT’S YOUR EXPERIENCE WITH GETTING THE BPO ORDERED? What do you initially sent the LM after your 1st contact with them?

I usually put in an educated low-ball offer. You can always add a contract addendum to change the price. Face it, if everyone’s on their toes, you will never find out what the BPO value is anyway (if someone has a trick to consistently getting the LM to release the BPO value, please share with me :slight_smile: ).

So, do your comps well and know the maximum you will pay for the property and make sure you don’t go over it. Usually, with repair estimates, bank’s carrying costs, maintenance, realtor commissions, etc., I can justify on paper my low-ball offer. Again, get good comps, and this means DISTRESSED comps, not retail comps.


say " i know you can’t tell me exactly but how much more do I need to come up to be inline with your BPO… then you say thats good so you’ll take the customery 82% of ( what ever the numbers are)

it works for us, that how i was taught.
we nearly always get the BPO.
they will tell youyou just need to ask the right way.


It’s not so easy if I haven’t submitted my offer and the bpo hasn’t been ordered - asking how much “I need to come up” doesn’t really apply.
So do you submit a low offer and then try to get the bpo ordered? What is your formula to calculate your intital offer?


I am guessing GQueen is saying it is [b]easy[/b] in response to my comment…

“if someone has a trick to consistently getting the LM to release the BPO value, please share with me”.

Purely a guess though.

:hammerhead:My mistake - you’re right turborockert, but I still would like to know how greenqueen presents the case to the LM.
Thank you both for your posts…

It’s all good. :slight_smile: :slight_smile: :slight_smile:

I have not had a case yet where the LM didn’t ask for a HUD-1 so I include it in my initial ss package. One was incorrect and the LM told me how to correct it. After I submitted my package, she ordered the BPO pretty quickly. I hope that helps some.

With every short sale that I have done, You have to have the Hud-1 or net sheet and contract offer in before they even assign the file. This person telling you this is normally an anaylsts, Send in the requested docs up front always. After the processor has reviewed the offer ask them to order an interior BPO up front, first. This will deteremine your offer is too low or not. If they won’t order one, tell them you are not buying the property yourself if the first numbers doesn’t work and you need a ballpark to offer other investors or to go over a possible listing amount with your realtor. They may not give it up front, just b.s. with them and waste their time, they will tell you…lol…always works for me, everytime! Promise, just keep them on the phone as long as possible and they will spill…try it.

It mainly works for me because i’m not a realtor or the person purchasing the property, and i tell them i’m doing this for free to the homeowner. They normally soften up with me.


I like that tip about BSing with them to get them to give up the BPO. I may try that the next time I need it. Thanks…