How to effect the BPO on a short sale

How to effect the BPO on a short sale

East Valley Team memberDean Ouellette talks how when a short sale is denied when it should be approved it is not always the banks fault.

So in my last video I talked about how it is often the agents fault, not the banks fault the short sale is declined. One reason many of the deals get killed is a bad BPO. Bad BPOs happen to everyone, way to often. Here are some tips that I use to try and prevent bad BPOs.

I will be honest, while this helps, it is not 100% effective and you will still get bad ones that you are going to need to fight. And like I have said many times, if you are going to fight a number, you better make sure you are right.

First step I do is as soon as I get an offer we are submitting I change the showing instructions to call lister. Now when BPO is ordered, as long as it is an interior BPO, the agent doing the assignment has to call me and I need to be there when they enter the house.

When I show up at the house I am giving the person doing the BPO a thumb drive with pictures they need, making their job easier, and all my backup data. That data included the comparable properties I want to make sure they are using, an estimate of cost for repairs needed and a completed CMA. I also print out a complete showing history for the property which will include when I did my price reductions, how many showings the property had at each price level and finally all the offers that came in at the final listing price.

Will this work all the time, no of course not. But it gives you a fighting chance to let the agent doing the BPO know why it sold for what it did.