Home Buying in South Florida>Question Details

Urmanm, Home Buyer in San Diego, CA

The bank in a short sale is getting a 2nd BPO because the first was prepared over 90 days ago. Does the buyer get to see the new BPO?

Asked by Urmanm, San Diego, CA Sat Jan 18, 2014

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More than likely - almost 100% sure the bank policy demands updated BPO after 90 days.

I have gone through 2 BPO's during the same 90 days -
Based upon the buyers appraisal - and the fight in which you put up.

I have fought this with multiple appraisals - fighting for the bank to use actual appraisals Vs BPO...

BPO - "Broker Price Opinion" to me does not have the validity of an appraisal.

This can be a fight - with persistence you can win.

Even if they close your (offer) file - reaching the right arm of the bank, it can typically be reopened quickly and easily. This is of course, all dependent upon any alternative offers the bank may be entertaining...

Hope this helps... I moved to South Florida from San Diego in 1989
Web Reference: http://www.garyyoungman.com
0 votes Thank Flag Link Fri Jun 19, 2015
Hi Urmanm:

This is a great question. Lenders are not required to release their BPO. However, you may be able to get a copy if the lender will release, and sometimes they will. You may be able to get the BPO value. The best way to determine the property value is to get an appraisal. This can help if the lenders counter offer seems too high and the short sale negotiator needs to dispute the lenders value.

Form the beginning you should hire a real estate agent that has experience with your local market. If your short sale agent is using a third party negotiator, the third party should be experienced with facilitating a property valuation dispute.

We have a great new eBook that you can download for free. Our eBook is called "Steps in the Short Sale Process" It explains a basic process from determining short sale options to the process when the lender issues an approval, denial, or counter offer. We also cover the lenders BPO process.

Download it here: http://www.delmarvahomerelief.com/short-sale-guides/free-ebo…

I hope this helps! Let me know if you have any other questions.

Michael Nolen
Founder, CEO, Delmarva Home Relief

For more helpful topics about short sales, loan modifications, real estate and more visit our blog here: http://www.delmarvahomerelief.com/blog
0 votes Thank Flag Link Tue Mar 31, 2015
Most likely no, the BPO is for the banks use. YES it is very common for all banks to redo a BPO every 3 months, They are making sure the condition of the property has not changed and the value has stayed the same.
0 votes Thank Flag Link Mon Feb 2, 2015
When push comes to shove - often times they will elaborate on this...
Just went through this with Ocwen - we did 2 appraisals - they did 2 BPO's

This stemmed from the significant variance between the BPO and appraisal.

The home was finally closed with a great deal of weight on the actual appraisals -

25 year "full time" South Florida Resident...
I know the area - I understand the market...

Gary 561.306.7653
Web Reference: http://www.garyyoungman.com
0 votes Thank Flag Link Mon Feb 2, 2015
This is common with short sales and the BPO value is only for the banks eyes..
0 votes Thank Flag Link Thu Nov 20, 2014
No, the buyer will be informed of the number
0 votes Thank Flag Link Fri Nov 7, 2014
Hi,
Please call (561)827-6789 for details.
JulieSellsFL.com
YOUR Go-To Florida 33 Years
Julie Rosenthal, Broker
Julier6789@gmail.com
julier6789@gmail.com
Property Brokers International
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0 votes Thank Flag Link Sat Jan 18, 2014
No, you will not get to see the BPO. Some Lenders will share the value concluded on the BPO with your real estate agent but some will just keep it a secret as Annette stated. With the steady increase of property values, this BPO will most likely be higher than the first one so if the current offer is declined or countered you will know exactly what happened.
0 votes Thank Flag Link Sat Jan 18, 2014
This is not uncommon.
You are not entitled to see the BPO.
However, in many cases, this secret is as tightly held as NSA secrets.
Your agent can make an indirect inquiry and receive indirect but conclusive response.
-
Distressed sales, however, are best completed with as little hand holding as possible by the seller or selling organization. They rely on their process and do not welcome inquiring minds. You as the buyer are the least significant player in the game. You will be treated just that way. Be aware, there may be two or three folks circling hoping you do something foolish. Wait it out. If the illogical happens..well, that's a short sale.

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://FirstLookHomes.us
Palm Harbor University High School distirct
http://annettelawrence.mfr.mlxchange.com/?Page=-1
0 votes Thank Flag Link Sat Jan 18, 2014
Usually not; the bank is paying for it and it is for their eyes only.
It will not hurt for your Realtor to request a copy...

****Did you like this post? If so, please click Green thumb. Thank you!
With enthusiasm,

Meir Aloni & Team

CRS (Certified Residential Specialist)

CDPE (Certified Distressed Property Expert)

RECS (Real Estate Cyberspace Society)

Successfully selling Broward County since 1986!
0 votes Thank Flag Link Sat Jan 18, 2014
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