Foreclosure in 60629>Question Details

expresspower…, Home Buyer in South Bend, IN

i recently applied for a short sale on my home and was accepted it is on the market and has a offer.The bank recently sent a broker to look at my home

Asked by expresspowerwash2011, South Bend, IN Thu Nov 1, 2012

what does this mean ?

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14
Things are moving fast and that is a good thing. Banks make sure that the value you are selling your home for is a reasonable one and they send a second broker to verify the pricing. Sounds like you will soon sell your home, congratulations!.
1 vote Thank Flag Link Thu Nov 1, 2012
Broker is likely completing a "broker price opinion" (BPO). This is where a broker gives an opinion of value on your home for the bank to consider short sale.
1 vote Thank Flag Link Thu Nov 1, 2012
A BPO stands for "broker price opinion," and it involves using a process very similar to an appraisal.
Companies hire a real estate broker to prepare an opinion of value. The representative of the broker, generally a real estate agent, compares three similar properties that have recently sold to the subject property and adjusts up or down for differences. The final result in an opinion of market value.

Broker price opinions are sometimes controversial, especially if the agent preparing the BPO has little experience or knowledge about the neighborhood. But BPOs typically cost less than a full-blown appraisal.
0 votes Thank Flag Link Thu Nov 1, 2012
This is the BPO or brokers price opinion. It is part of the process and may happen again before you are done. The bank is just trying to determine market value.
'
Best of luck,
Ivan Sagel
312.515.7823
Ivan@atproperties.com
0 votes Thank Flag Link Thu Nov 1, 2012
Sounds like a brokers price opinion was requested by your bank to determine fair market value.

Don't panic it's normal procedure. You should also expect an appraiser from the buyers bank to come by to do an appraisal.

Good luck!
0 votes Thank Flag Link Thu Nov 1, 2012
This could mean the bank is having the agent to a BPO to determine the current market value of your home. The bank will want to approve the short sale for a price that is as close to market value as possible.

The agent they sent does contract work for the bank. You can still its your home for sale with the agent of your choice.

Sounds like you are in good shape, you have an approved short sale with an offer.

Best of Success to you!

Kawain Payne, Realtor
0 votes Thank Flag Link Thu Nov 1, 2012
Hi,

This is a BPO (Broker Priced Opinion). The bank sends a broker out to give a value to your property so they understand the current offer in relation to the property and the market.





Sohail A. Salahuddin | Group Founder

Innovative Property Consultants Group | Sales and Leasing

http://www.innovativepropertyconsultants.com



Jameson Sotheby’s International Realty

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0 votes Thank Flag Link Thu Nov 1, 2012
that means your headed the right wat
0 votes Thank Flag Link Thu Nov 1, 2012
Its the BPO calling!!! They are like the eyes and the ears for the bank. They are going to evaluate the price.
0 votes Thank Flag Link Thu Nov 1, 2012
Brokers Price Opinion(BPO) to see if what is offered is within reason.
0 votes Thank Flag Link Thu Nov 1, 2012
That is the cheap way the bank gets an unofficial appraisal to see if the contract price is what the market value is. If the contract price is too low the bank will not accept it.
0 votes Thank Flag Link Thu Nov 1, 2012
It would make sense that it is most likely a BPO, which is a broker price opinion. Banks require a BPO for short sales so they can get an idea on the value from a broker not involved in the deal.
0 votes Thank Flag Link Thu Nov 1, 2012
Jeff is correct. The bank will need something to compare the offer you submitted. If the BPO is close to the offer, you may be in luck in getting your place sold. Good luck!
0 votes Thank Flag Link Thu Nov 1, 2012
The bank is simply getting one more opinion of value form their local pool of experts. Notify your Realtor and Attorney about any communication you have with the bank.
0 votes Thank Flag Link Thu Nov 1, 2012
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