Average short sale.....depends on th lenders motivation to sell at the time. There are a lot of variables...however a good rule or start point would be around 80% of the BPO on fha/va. Other lenders will vary ....the only control you have is to be at the property when the BPO is done and make sure nothing is missed. I give the person doing the BPO the contractors estimate for repairs, and any data that may help influence the numbers. It's a crap shoot at best. Give it your best shot and hope for a low BPO.
dlynn, you are absolutely right. There are many variables beyond your control, so the more that you can influence... the better your chances for success. I believe that we (as short sale facilitators)have the greatest chance at controlling or influencing the perceived value of the property. That's where I believe most shorts are won or lost. In the field.
If you denigrate the mortgagee's perceived value of the property, thus creating an unanticipated problem for them, then offering a quick solution to the problem....you'll have an ally.... so it makes sense to do your homework. Getting credible estimates from licensed contractors is a good beginning.
In my Short Sale Proposal Guide, more weight is given to the property's as-is, fair market value/condition than the other componants.
Average short sale.....depends on th lenders motivation to sell at the time. There are a lot of variables...however a good rule or start point would be around 80% of the BPO on fha/va. Other lenders will vary ....the only control you have is to be at the property when the BPO is done and make sure nothing is missed. I give the person doing the BPO the contractors estimate for repairs, and any data that may help influence the numbers. It's a crap shoot at best. Give it your best shot and hope for a low BPO.
dlynn, you are absolutely right. There are many variables beyond your control, so the more that you can influence... the better your chances for success. I believe that we (as short sale facilitators)have the greatest chance at controlling or influencing the perceived value of the property. That's where I believe most shorts are won or lost. In the field.
If you denigrate the mortgagee's perceived value of the property, thus creating an unanticipated problem for them, then offering a quick solution to the problem....you'll have an ally.... so it makes sense to do your homework. Getting credible estimates from licensed contractors is a good beginning.
In my Short Sale Proposal Guide, more weight is given to the property's as-is, fair market value/condition than the other componants.