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
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.
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
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...
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
Palm Harbor University High School distirct
It will not hurt for your Realtor to request a copy...
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Meir Aloni & Team
CRS (Certified Residential Specialist)
CDPE (Certified Distressed Property Expert)
RECS (Real Estate Cyberspace Society)
Successfully selling Broward County since 1986!