What does it mean when the BPO is done, and the negotiator is revising it.?

Pamela
Home Buyer
Naples, FL

Answers (3)
Best answer: Carol Herron
First to answer: Jesse McGree…
Carol Herron
Agent
Naples, FL
BEST ANSWER

The BPO (Broker Professional Opinion) is submitted to a bank in the case of a short sale or foreclosure, it is basically an appraisal to determine the current value of a property. The negotiator is a bank representative who is, in the case of a short sale, determining if the offer price is comparable to the BPO and what the bank wants to get for the property. Are you sure the negotiator is revising the BPO, or is he/she reviewing it. It can take a while to get an answer from the bank, especially if the listing agent has not submitted all the necessary documentation.
I just got an approval, only 4 days after my property was assigned a negotiator in part because I submitted ALL the documentation at one time so the bank did not have to request additional information.
Please let me know if I can be of further assistance
Thank you
Carol Herron
239 919 4652

Fri Nov 6 2009, 07:00
Ken Lowe - Real...
Agent
Naples, FL

A BPO is a broker price opinion. Banks pay Realtors to do a comparitive market analysis of properties as part of the short sale and or loan modification process. They use these evaluations to assist in decisions regarding the current market value of the property. Please feel free to email or call with any other questions that I may be able to answer.

Ken Lowe - Realtor
Chairman’s Circle Diamond
Prudential Florida Realty http://www.Ken-Lowe.com
239-595-2212
Let Me Help You Put Your Footprints In The Sand!!!

Web Reference: http://www.Ken-Lowe.com
Fri Nov 6 2009, 06:59
Jesse McGreevy
Agent
33928
FIRST ANSWER

Sounds like you are buying a short sale. This is the next step after the bank assigns a negotiator. The BPO is the Broker Price Opinion......it is a Realtor that is hired by the bank to determine the market value of the property. It is less expensive for the bank than ordering an appraisal.

Fri Nov 6 2009, 06:58

Didn’t find what you were looking for? Ask a question!

Search Advice

Ask a question

Got a real estate question? Get answers from locals, experts and real estate pros.
Ask
Email me when…

Learn more

View all » 1 - 3 of 1,228
Copyright © 2009 Trulia, Inc. All rights reserved.   |   Fair Housing and Equal Opportunity
Help us improve our service—send us feedback