Questions concerning BPO.

Foreclosures, Short Sales, Tax Foreclosures
1

  1. Concerning a short sale with Chase on 1st and Heloc:
    The BPO was done last Monday.
    Where in the process are we? Does the BPO being done signal that it is in the hands of a negoiator?

  2. My realtor determined FMV to be 128,000. We have a buyer for 115,000
    How close to FMV does the BPO have to come to be acceptable?

  3. I signed the paperwork allowing my realtor to deal with this on my behalf. Will the negoiator speak to me atsome point?. Is that unusual?

  4. I dont know if Chase is holding the loan or if its an investors. I am told that some investors have preappoved short sales if they meet certain peramters to speed up the process.

  5. What advice can the folks on this board give me that they would give to their Grandma in the same circumstance ?..lol.
    Thanks in advance to the very astute folks posting here.

And thanks to the Chase folks who hace been very professional and curtious as well.

2

Hope this helps…

  1. If the BPO is done, chances are very, very good it is in the hands of the negotiator. Generally a BPO will not be ordered until a negotiator is assigned.

  2. You need to do your best to find out how much the BPO came in at. This will determine how much your offer should be and whether the buyer at 115K is what you need. Generally the bank will take 82% on up of the BPO value. The problem is that you never know what % they are going to take and why. My offer would start at 83% of the BPO and then it is up to you and your negotiation skills. In your offer to the bank include a letter with proof of funds, a HUD-1 net sheet, and a purchase and sale agreement for that price. Also, detail why you are offering that. i.e. multiple foreclosures in the area, holding time, repairs needed on the property and the amounts.

  3. The negotiator will only speak to you if you have an authorization to release information on file

  4. Hmmm…you never know. Generally all the loans have investors tied to them that make a final decision.

  5. You have my advise above…I would try and deal directly with a bank from here on out and keep your realtor out of it. They are the worst at influencing a BPO.