The bank pays for the BPO during the foreclosure/short sale process. They use this information to determine if they will authorize a short sale package or not. If you need a CMA to determine the value of the property, you can contact a realtor and see how much it would cost.
-Chris
_________________
Live long and be profitable![ Edited by c-brainard on Date 05/24/2004 ]
This is just a general response, not intended to anyone in particular.
BPOs are an essential element of the mortgage loan servicer's due diligence as it readies the loan for foreclosure.... not just in short sale applications.
During the course of the delinquency, as many as 3 to 6 BPOs may be ordered, depending upon the servicing criteria imposed by the owner of the mortgage.
In the case of HFC requiring that the applicant pay for/provide a BPO or an appraisal... the loans that are originated by local branches seem to be serviced by the local branch... and a $300 appraisal would be paid from that local branch's 'petty cash' where every nickel is watched like a hawk.
If you have properly assembled a 'short sale team' getting your broker to provide a BPO in support of the 1) listed asking price, and 2) Offer to Purchase should not be an obstacle.
If your business plan/business model doesn't include a 'short sale team' you should ask yourself a couple of questions..
"Am I closing 90% of my attempted short sales", and "Why not?"
[addsig]
The bank pays for the BPO during the foreclosure/short sale process. They use this information to determine if they will authorize a short sale package or not. If you need a CMA to determine the value of the property, you can contact a realtor and see how much it would cost.
-Chris
_________________
Live long and be profitable![ Edited by c-brainard on Date 05/24/2004 ]
[ Edited by keedaah on Date 12/16/2005 ]
This is just a general response, not intended to anyone in particular.
BPOs are an essential element of the mortgage loan servicer's due diligence as it readies the loan for foreclosure.... not just in short sale applications.
During the course of the delinquency, as many as 3 to 6 BPOs may be ordered, depending upon the servicing criteria imposed by the owner of the mortgage.
In the case of HFC requiring that the applicant pay for/provide a BPO or an appraisal... the loans that are originated by local branches seem to be serviced by the local branch... and a $300 appraisal would be paid from that local branch's 'petty cash' where every nickel is watched like a hawk.
If you have properly assembled a 'short sale team' getting your broker to provide a BPO in support of the 1) listed asking price, and 2) Offer to Purchase should not be an obstacle.
If your business plan/business model doesn't include a 'short sale team' you should ask yourself a couple of questions..
"Am I closing 90% of my attempted short sales", and "Why not?"
[addsig]