SHORT SALE SECRET.....shhhh
If you are currently working the foreclosure short sale market, there is a part of the short sale process when your deal is most important.
Where a deal will "fly or die" is in the BPO. If you are not there or the agent only does an exterior, you can probably kiss that deal goodbye.
Although the agent doing the BPO is an unbiased 3rd party, it's imperative you are there anyway. Let them know you are helping the seller and tell them about the situation the seller is in.
Have low comparables printed and an estimate of repair for the agent. They are not required to use the information you provide, yet you stand a much better chance at getting the value range that you are after to make that deal FLY.
You assume the agent performing the BPO is an unbiased 3rd party. You can't be too sure!
Typically, several BPO's are performed during the delinquency/default/foreclosure process.
One prime reason brokers and brokers' agents perform BPO is to position themselves for REO assignments.
If the mortgagee perceives greater value from one Broker over another... that (inflating) broker is more likely to be awarded a BPO assignment.
Is this stil the case in 2008?