Is The Property Listed?
Working a well-qualified short sale w/ Ameriquest. Their first question: "Is the property currently listed w/ a real estate agent?" I said yes. Real answer is that right now it is not but it was listed for 90 days earlier this year w/ no takers so he took it off the market, started rehabbing, ran out of money, and is stuck.
Do I need to get it listed immediately in order to qualify for SS? We can get a letter from the agent confirming that it was listed, the asking price, and that no offers came in.
Also, when you include the time line for the bank, what do you do for the estimate of time after the judgment and before the auction or re-sale? What if, for example, the guy declares bankruptcy - it could be quite a long time? Even if not, the timeline could vary quite a bit.
Thanks!
Jim
I believe that either your offer makes sense to the investor or it does not. The loss mit reps are under paid, over worked, and spend at the most a couple of minutes on your file. The gurus sell the programs by hyping up what you can do to influence the loss mit reps when in realitiy either your offer makes sense to the investor or it does not.
you best negotiating tool is the BPO. I would work on influencing the BPO instead of trying to push the loss mit reps buttons.
I believe you are spending way too much time playing head games with a person that barely even knows that you exist.
THE BPO. Tell me what you are doing to help get a low BPO.
Brenda
The BPO!
I understand only to be the contact/access person for the picture taker, I have been successsfull in arranging a suitable relationship w/ the person taking the dig pics to be able to make a call after they have worked out the formula and are prepared to forward the results to the lender. Nothing more than that, please offer me more info so I can increase the effectivenedd of my operation, I do more shorts than anyone I know oersonally and I want to be as good @ it as I can be! How can I further influence the BPO?
T.Y. for responding to the thread further!
Hunter
Picture taker? I will not grant anyone other than the appraiser or the realtor doing the actual BPO access to the property. If they try to send a picture taker I tell them that the agent needs to be there personally to see the house .... period. You have no influence on the BPO if you are talking to a picture taker.
Meet the agent or appraiser at the site and be casual, but be prepared to point out things that are wrong with the house. I usually tell them that I work with the realtor (if the house is listed) - which is not a lie as I am working with the realtor. You will gain more respect and instant comrodery with the appraiser and especially an agent. Make a point of showing them your comps and tell them what price you need the appraisal to come in at. They need to know what number you are looking for. Of course they will say something like they must be impartial, but you have planted the seed. If it is an FHA and the repairs can not be too great, I flat out tell the FHA appraiser that the repairs can not be greater than $$$ or it will kill the deal and poor Sarah will have a foreclosure to add to all her other problems.
Quote: 1.) Taxed $450k 2.) Payoff @ $710k 3.) Largest home in SubDiv 4.) Aprzl @ $911k 5.) my offer,(initial HUD) reflected $356k 6.) Loan was conventional 7.) Condition is excellent!
Excellent houses are a tough sell. Houses that are over leveraged or need repair make better short sells.
Payoff - 710k
Appraisal - 911k
Offer - 356k
Repairs - 0
Who did the appraisal and how long ago? Has the BPO been done? What did the BPO show as value. Your offer is the purchase price or net to the lender?
My opinion is that you are coming in waaaaaay too low on your offer. It could be close call if the lender would even want to discount this one since their loan is pretty protected - according to the appraisal price.
Are there any seconds or other liens?
Brenda
The aprzl was completed by my people just this past week and the bank got their BPO a day later coming in @ $450k.
The broker for the BPO arranged for me to have his figure prior to submitting to the lender. I have a private money partner to fund the short an split net the retail sale. My next move will be to get an updated HUD and contract showing the new figures,( $450k w/ lender paying customary amount of taxes,CC),and they should be allover me looking for a closing date? Right?
Why the disparity between the BPO, and appraisal?
Something stinks.
The BPO broker is old school, I know exactly how he came to his figure. He searched for an exact replica of the home,(5 miles away) and put that into his formula for age ADM, etc. The aprzl I had done takes into account 4 seperate sales w/in the subdivision and of very similar size, age, etc. Mine has a pool/spa and in ON the golf course too. THus the spread. Lender need know of any of this.