We did re-contact the original BPO person - he called us back quickly -- nice touch.
We feel we're going in the right direction and I will send my colleague all of your suggestions. Thank you for banding together to help a fellow agent.
Happy Thanksgiving to you all. Best, Thalia Poulos of Temecula and Fallbrook, CA
Has the negotiator tried to escalate the file to someone with more authority?
You are going to find that at times an asset manager will not look at anything anyone has to say. Perhaps you can tell your friend to escalate the short sale.
You will also find that no matter what the BPO is,... you will not hear the truth from the bank for their valuation.
Keep in mind the asset manager is doing their job in trying to collect the maximum amount they possibly can. Square footage in a property brought ot the county recorders office is a step in the right direction as well. That way all computers get updated and you will not fight it at every turn.
Cash offers is a BIG RED FLAG to asset managers as an investor type purchase whether it is or not. Investors are always trying to make money. This is counter productive to the asset managers job of collecting the most possible. FIgure out what the real comps are as if you were selleing your own home not as a short sale. Get a REAL MARKET VALUE and if possible get an appraiser out there to do it. Quite often, a Market Value to a bank is a B condition property comp even if the property is a D. The more someone tries on the sale end the more the bank knows someone will give in more money. My suggestions are
1. notify county recorders office asap
2. get a real appraisal from a licensed appraiser ( could be money wasted but it may be worth a shot )
3. escalate the short sale and send an email to one of the senior VP's at BofA. with a letter explaining the situation.
4. show what the real comps are make sure it is a market value deal.
If that does not work, it is very possible BofA does not want to do the short sale and feels the seller may have money somewhere. I have noticed values go up on people who may have money.
Harold Sharpe - Broker
So Cal Homes Realty
California Department of Real Estate Broker License # 01312992