Home Buying in Brentwood>Question Details

Lisalinn, Home Buyer in Los Angeles, CA

Does the buyer's realtor normally supply comps with buyers contract for a short sale?

Asked by Lisalinn, Los Angeles, CA Fri May 3, 2013

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Answers

7
No. The Listing agent will likely not submit ancillary or superfluous documentation to the bank. The bank will do a BPO (Broker's Price Opinion) which is like a mini appraisal once the SS process has started. By the time they look at comps, the market could have changed from the time the offer was submitted. For example, I have buyers who have been waiting 5 months since their offer was accepted. A BPO was just done this week. The prices have actually increased in that time so whatever comps were available at the time we submitted the offer are irrelevant.

Good luck!

Mark Mintz
http://www.eastsidedigs.com
310-991-3808
0 votes Thank Flag Link Fri May 10, 2013
Heck, they can submit whatever they want to the bank including an 8x10 glossy photo of them signed standing in front of the house, but that or comps usually do not influence a bank decision making process.

The bank will order an appraisal from an appraiser of their choice, and the bank may order first before ordering an expensive appraisal one or more inexpensive BPO's (In the industry BPO means brokers price opinion from a broker or two of their choice) to get an idea if the buyers offers submitted to the bank is even close to the value of the property, before ordering a full blown appraisal which costs 10% to 20% of what a BPO costs. They would do this to save money because in the last few years the banks have been inundated with short sale offers of 25% to 60% of the true value of the homes by investors trying to take advantage of the bank and steal the property from the bank.

I wish you luck.

If you need any help in the future let us know.

Al Goldberg Broker
ALYourBroker@yahoo.com
0 votes Thank Flag Link Sat May 4, 2013
Not always, but they should.
0 votes Thank Flag Link Fri May 3, 2013
Yes,

The buyer's agent should supply comps for any home they are submitting an offer on.

The agent will want the buyer to make a strong offer, but NOT bid over the value if the property.

Much Success to you!

Kawain Payne, Realtor
0 votes Thank Flag Link Fri May 3, 2013
Absolutely! This is one of many things a good buyer's agent should do. Why do you ask?
0 votes Thank Flag Link Fri May 3, 2013
Hi Lisalinn,

Yes, the buyer's agent may supply comparables with their offer to substantiate the offer amount. Also, the seller's mortgage lender will have an appraisal done on their side to establish the fair market value of the property before they accept a buyer's offer for short sale. Good luck.

Sara Mehrpouyan
Short Sale & Foreclosure Specialist
Rodeo Realty
Direct phone 818-903-2040
Email: smehr818@gmail.com
Dre License #01717257

I work in Westside (LA) too.
0 votes Thank Flag Link Fri May 3, 2013
When I work as a "buyer agent" I do supply comps so that my clients know the value of the property they are making an offer on. It is a little different with short sales because they are already priced below market value, but you still need an idea of what other homes in the area have sold for....so yes!
0 votes Thank Flag Link Fri May 3, 2013
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