Presentation Of Comps
I am currently providing to the lenders for comps a simple sheet with a few columns giving bed/bath/SF/price/Comments for each property. I am then also providing a copy of the MLS listing for each of the properties so they do not think that I am making them up. I have one concern with this, for the sale price to be listed on the MLS sheet I also have to include the listing agents contact info (office, phone, etc). My concern is that the lender now has a list of agents nearby who could potentially answer questions for them, etc. and give them more insight into the market than I care them to have.
First of all, does anyone think that the MLS sheets are not necessary and overkill?
What about providing the bank with the listing agent information, am I just being too paranoid?
Your thoughts are much appreciated.
Jacks right, they order multiple BPOs on each asset and rely mostly on those.
Jim
Jim is right on. They already have a list of agents in your neighborhood they can call anytime to get an opinion of value.
If you are already taking the time to pull comps you might as well just submit an entire report. PM me if you want a template of a BPO report. This is especially true if the interior requires significant repairs. Many lenders will order an exterior (drive-by), desktop, or verbal BPO. The value submitted by the broker will be much higher if the exterior is in good condition but the interior is trashed. Furthermore, many newer agents with little experience performing BPOs will submit inflated values because 1) they are inexperienced in valuations, or 2) they are attempting to get the REO listing once the property is foreclosed.