Wednesday, November 30, 2011 / by Lynn Horner Baker
Understanding the BPO Process
North Metro Atlanta – The agent you hire to short sale your house should know how to “influence the BPO.”
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
The BPO is another agent’s opinion of the value of your home. The bank will willingly sell your home on a short sale if they think the home is selling for close to its fair market value.
The BPO is what they use to determine the fair market value. But, most agents that provide BPOs to banks do a lot of them. They may not spend an adequate amount of time evaluating your home and the value.
Some of them turn in 100-200 valuations a month and not every one is accurate. That is why it is important that your agent make saure they understand what your home is worth.
They should meet the agent at your home and explain what the home is worth. That is called “influencing the BPO.”
An hour spent influencing a BPO will save countless hours later escalating a file or negotiating more offers. Yes, maybe I shouldn't be saying this. But, it's true.
If the BPO says the home is worth close to the short sale price, then the short sale will be approved quickly and easily. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at Lynn@HornerBakerPartners.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 770 579-4060
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our North Metro Atlanta loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Lynn Horner Baker.
Lynn is a Real Estate Agent and owner of Horner Baker Partners. North Metro Atlanta Short Sales Realtor:
Phone: 770 579-4060. Lynn@HornerBakerPartners.com.
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