Posted by Glen on June 24, 2008 at 08:21:36:
Thank you for your response. I guessed as much. As much as I argue with the lenders, and even am willing to pay for an apprasail, usually they are not willing to not have a Realtor complete the BPO. Not all lenders, but most. I have lost deal after deal because the Realtor came in with a high BPO. When I bring them comps and a repair list, they refuse to even look at it.
Short Sales - Posted by Glen
Posted by Glen on June 23, 2008 at 09:00:37:
Is anyone out there doing Short Sales finding that the Lenders are requiring a Realtor to be invloved when submitting a Short Sale?
I have been wholesaling Short Sales for sometime and have been led to beleive that the Lender will not do a Short Sale unless there is a Listing Agreement included, so I have always used a Realtor.
Having enough knowledge to the Short Sales myself, I would like to be able to do them without the use of a Realtor, but will the lenders allow it?
Re: Short Sales - Posted by loss-mitigation-services
Posted by loss-mitigation-services on July 16, 2008 at 10:45:16:
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NO - Posted by Natalie-VA
Posted by Natalie-VA on June 26, 2008 at 14:03:08:
Not all lenders required an agent to be involved. Many short sales are closing without being listed.
–Natalie
Re: Short Sales - Posted by Bill Jacobsen
Posted by Bill Jacobsen on June 23, 2008 at 17:24:17:
The lender likes to work with someone who knows what they are doing and the lender likes to see that the owner has done everything in their power to sell the property at above the loan value. One way to show the latter is to list with a realtor.
Bill
Re: Short Sales - Posted by Glen
Posted by Glen on June 23, 2008 at 18:24:36:
Hi Bill, not sure if you got my response back to you.
Two problems, first the Listing Price near FMV less repairs when using my current Realtor, and second, lender ordered BPO’s completed by Realtors. Any suggestions?
Re: Short Sales - Posted by Bill Jacobsen
Posted by Bill Jacobsen on June 24, 2008 at 13:23:30:
Hi Glenn:
No, I did not get your response.
I am not sure I understand the first problem. I may just be missing it. I consider you more of an expert than me. The listing is just a way to show that the seller is trying to market the property.
As to the second, we do the same thing you do. Try to find low comps and develop a list of needed repairs for the property to show the realtor doing the BPO. Sometimes they use it and sometimes they don’t.
Good Luck,
Bill
Re: Short Sales - Posted by steve
Posted by steve on June 23, 2008 at 20:47:46:
realtors do BPO’s to try and get listing when property becomes an REO.
Always ask for another BPO and meet the realtor at property with comps and repair estimates.