Home Buying in 78660>Question Details

Rose, Home Buyer in 34613

Can I be present when the lenders BPO or Appraisal is being done on the home I put an offer on? This is a short sale

Asked by Rose, 34613 Wed Feb 8, 2012

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6
The short of it is no if you are the buyer, you will or can request a copy the when you close. If the property does not appraise for the amount as stated your agent or lender will be in contact with you.

BPO's are usually done for the lending institution who either owns or services the current note for a particular property.

Appraisals are usually done by lenders either writing or re-writing a note/loan for a particular property.
0 votes Thank Flag Link Tue Feb 14, 2012
The BPO is being done at the request of the short sale lender. You have no relationship with the seller nor the lender. It is not your property. You have no right to be present during the BPO.

I do not think your presence would be beneficial, in any case.
Web Reference: http://www.MedfordTeam.com
0 votes Thank Flag Link Wed Feb 8, 2012
Hi Rose,

This is not something that is typical and honestly it does not matter. Your agent should be showing you comparable homes so that you know what the home is worth. It does not matter what an appraiser things. I had a short sale in Cedar Park where the BPO came in at $10k higher than the list price I set. When the bank asked me to increase the list price and the home sat on the market for 90 days with no offers I reduced the price again and we had an offer immediately that closed in less than 45 days.

As I have mentioned in the other questions you have asked... each short sale stands on it's own and will have different outcomes. What you need to know is that your agent is experienced in selling shorts sales, market knowledge and negotiations so you can thoroughly understand the market and get the best deal possible.

Best of luck to you.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
0 votes Thank Flag Link Wed Feb 8, 2012
You can certainly ask to your Realtor. If not, then you will have to ask the listing agent who will updating you on the process accordingly with the information available from the bank/lender. You will find out about the appraisal results if you ordered (pay for it).
It is a longer process to close on a short sale, be patient and trust your Realtor!
Web Reference: http://door2austinhomes.com
0 votes Thank Flag Link Wed Feb 8, 2012
Ask, there may be no objections. They may or may not be willing to share with you the results.
0 votes Thank Flag Link Wed Feb 8, 2012
Most likely no . No information would be provided to you begin with confidential to the lender

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Wed Feb 8, 2012
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