Is anyone having trouble with bank interior BPO's coming in way to high? i would think some of them know that they are not going to list these property.
Why are they such @#$%.
There is some control for the BPO'S that we meet, but some of them happen to be jerks! mostly Apprasiers that come out... is there a better way?
All depends on the bank. CW has their own hired appraisers that work strictly for them. Not much you can do except charm them on site. Although the loss mit will forward an appraisal to their investor for rebutal consideration. (Squeezed several thousand this way on many deals)
WaMu, litton, SP and a hand full of others still use BPO's and yet others do both.
BPO's are a slam dunk. Two can play the listing game. We just tell the BPO that we will gladly give them the listing with our sell in 30 days price if we are able to aquire the property.
MILLION DOLLAR ADVICE. null
[ Edited by jackbenimble on Date 03/05/2008 ]
Well, Countrywide may have their own appraisers who only work for them but I doubt they do all the valuations. Appraisers cannot do BPOs.
I do BPOs for Countrywide, Suntrust, Wells Fargo, Wachovia and a number of others and I can say it's not as easy as Jack says to get my BPO values changed. I value my license and relationship with the banks more than the minute possibility of getting 1 listing from some investor I've never met.
One of the first rules of BPOs is never to discuss values with the home owner or anyone who may have an interest in the property other than the Lender.
Your best shot at getting a value change is to supply comps to the Lender that meet the criteria of the bank - yes each one has their own guidelines for comps in a BPO. Countrywide has a 20% sf rule, a 10year age difference rule, a distance rule and several bracketing rules. The last time I looked at it, the BPO manual for CW was about 12 pages long.
So if the BPO comes in high, ask for a review and supply the comps that will support your target price. Don't assume all agents are idiots or slackers.
Jim
Ive been very careful when speaking with reps from banks, until i establish the relationship "the first two minutes are critical" building a fast repore is one thing that i stress to my people... this is important! I deal with all those banks you've metioned and many others.. Chase, B of A, and ASC have givin me the hardest time...although ASC is getting wiped so much that they are taking a second look and changing things up alittle.. My guess is that they are now offering homeowner a chance at modifing their loan, "ONLY" to show other bulk buyers that these notes are preforming.. I think its a scam to rip off Investors because the Loan Mod terms are short term.
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Thank you all for your informitive feed back with this matter. Although the topic was not to question anyones integrity or business. Understand that as INVESTORS we are at war with these banks, Homeowners "YES THEY ARE RESPONSIBLE FOR THEIR MORTGAGE PAYMENTS" but with all the media and decline in property value, WE have little defense against banks and inflated BPO'S to purchase anything at a reasonable value. LETS ALL LOVE EACHOTHER!!! not in a gay way either!
Hello all,
does anyone have a BPO they can send me? I am curious on how it looks like. =D