Posted by David Krulac on October 04, 2006 at 13:18:33:
Provide the appraiser/lender with a detailed list of repair costs with actual real world costs of repairs. Don’t bloat the $$$$.
Provide the appraiser/lender with valid comps of recent sales in the area and no more than6 months old. The newer the better, particularily in a declining market.
How do you influence the BPO - Posted by Brian_wa
Posted by Brian_wa on October 04, 2006 at 11:01:27:
I’m doing a couple of short sales right now and would like to be prepared prior to meeting the lender’s appraiser at the house. Can you provide me some tip and guidance as to what I should be doing to ensure that I’m getting a conservative estimate?
Re: How do you influence the BPO - Posted by Atlanta_bob
Posted by Atlanta_bob on October 04, 2006 at 20:34:27:
Hello Brian wa:
Follow the advice in David Kulac’s post, but provide comps that are REO properties since those comps are generally much lower then houses priced at Fair Market Value. Remind the appraiser that the house WILL become an REO property if the bank does not agree to a short sale. Providing comps of neighboring houses that are in “retail condition” and/or were purchased by owner-occupants just isn’t the same as providing comps of post-foreclosed REO properties.
Hope this helps.