Ok. A little confusing. BPO is $99500. You offered 70. They countered $97k? Do you know what this home is worth if there was no short sale? Is there repair work to be done? How much does the seller owe? Is the seller or the lender rejecting the offer?... more
You have to speak with your agent instead of asking everyone questions online. None of us knows all the details.
All a BPO is the bank sending another agent out to take pictures & run comparables for $40-50. When a short sale is initiated the BANK orders the BPO to ensure the offer is based on what the property is worth compared to others home with similar features & condition. Your lender can accept whatever dollar amount they want for the property.... more
I actually live in GreyStone and I really love the community. I have a 8 years old son and he was able to make friends almost immediately. There are several families with young children and one of my best experiences was last Halloween, when we went trick or treating with our son, and we were amazed by the amount of kids who were out with their parents.
Feel free to email me at Paolo@MiamiToBoca.com or call me at the number indicated below If you want additional information about this community, or any of the Canyons (also built by GL).
RE/MAX Complete Solutions
Powerline Road Office
Boca Raton, FL 33433
Mobile: +1 (561) 542-7265... more
With either it depends how you negotiated that the bank reports it on your credit report. On the scale of what affects you least (still up to 2/3 years though) short sale, then deed in lieu then foreclosure on teh worst end could be 10 years.... more
Okay, let's keep this simple...
The seller's bank will order, and likely pay for a BPO. (a survey of the price of the house from various experienced agents).
Your loan officer will require an appraisal (done by an actual appraiser, not a real estate agent). You will pay for this as part of your loan application. (Same for FHA, conventional loans)
Any vaguely competent agent will do a CMA (competitive market analysis, or individual opinion on price) of the home for you. Hopefully that was done before you made an offer. The CMA relies on recently sold, and occasionally pending sale or active properties. Under most circumstances, you shouldn't have to pay for a CMA.
Finally, there's usually a survey - which is someone going out and measuring the property very accurately. This is usually ordered by the bank doing the loan and/or title company.
Is that clear?... more
The banks often order updated BPO's - sometimes they do a full BPO (viewing and taking pictures of both interior and exterior) but other times they do just an exterior BPO which just involves taking pictures of the exterior of the home.... more
Hi Donna, this stuff can be a bit confusing. But suffice it to say, that a Broker Price Opinion is a kind of abbreviated appraisal. It doesn't take as much time to generate and as such, doesn't cost the lender as much to order. So because there are no interior pictures or extensive commentary by the appraiser, they are much more cost effective and don't require a licensed appraiser to complete them. Just a licensed real estate agent or broker. It's not uncommon for a lender to require two BPO's in the course of a short sale.
I hope this answers your question. If not, please don't hesitate to give us a call.
President, Streamline Financial Group, Inc.
Agent, Prudential Florida Realty
I would ask your agent to followup with the title company and the listing agent on a daily basis until this is resolved. I would also ask the reason for the delay. Is it slow processing or are their problems with the title. There is not much you can do as the buyer. I would also suggest that you get a short contract extension as soon as possible.... more
There has been a tremendous amount of activity in Greater Boynton Place for 2 bedroom 1 bath units with 12 sales over the past year, another 5 units under contract with only one active listing. Closed sales have ranged from $47,000 up to $115,000 with location, features, condition and seller motivation all playing a role. Waterfront locations in the community typically sell for a premium.
Hope this helps....
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty
The lender will require they pay for an appraisal, which is usually completed within 20 days of contract. If they are purchasing a Short-Sale, the timelines of when the terms start is generally when the short-sale lender has provided written approval and it was presented to the buyer.... more
The banks know that values are going up so they are playing hardball. If your Realtor is confident in the value then you could let the appraisal process protect you. When the appraisal comes in low, the banks will adjust.... more
I was the one who sent you to MERS.
The Pooling and Service agreement with Ocwen is a confidential document between the investor and Ocewn. You may never find out who the actual owner of the NOTE is.
Have you gone to the Fannie Mae and Freddie Mac sites to see if they own your loan?... more