BPO
Yesterday the BPO came to the property.
Like SSP's book & also other SS info I've seen, I brought comps & a list of repairs to give to him.
He seemed very task oriented, not overly interested in making conversation & refused the packet I brought for him, stating that he has to make a neutral decision.
Is this normal? I tried to be friendly & offer other information about the property as well, but he didn't really seem interested at all.
Just wondering if I handled things correctly & if he was just a hard egg to crack, or if I should have been really assertive and cheesy salespersonish.
(Not my personality type, by the way)
[ Edited by HeatherK on Date 02/25/2004 ]
I would PM the short sale pro to get a direct answer
it sounds to me like you did all the right things. when i've got to meet the appraiser giving the bpo, i've spoken to them a few times before meeting, to schedule a time,etc. they've been polite but i don't give them comps, i just speak everything i know of the place and walk around with them to stress the repairs that i need to do so they can determine what is deferred and what isn't. giving them research on the place may help them but may undermine thier opinion in their eyes, so i wouldn't go there. i'd just let them know that i would like a nice low estimate and that i'd use them for my future work if stuff works out. then see what they do with that.
u did best by not being pushy, in my humble opinion. even if he wasn't a "nice" guy, he'll realize you were when he's doing his homework and may be favorable to you if he's on the fence about any issues. plus he'll remember that you would bring him future biz.
you should be fine!
Okay;
The BPO is a very arm's length part of the process. It is wise to show up BUT other than being cordial, there is not much you can do.
A tactic I like to use is take my digital camera and take pictures of ALL the booboo's in front of the realtor. RE agents that do BPO's tend to do that because they don't like the sales process so I view tham as weak characters.
I just put on my smiley face and take mt pictures. After all, I'm building a case here too so if the BPO comes back a little high, that realtor knows I'm goig to slam his or her *ss to the lender's negotiator. It's that simple.
Does it work every time. Heck no! Some of the realtors are real nice and we agree to agree.
That is my nickel's worth.
C-
It just seems like you got a hard egg to crack. You did the right thing by bringing comps and a list of repairs. I have a question for you? Who did the BPO think you were (real estate agent, investor, homeowner). This is very important. Although the BPO technically works for the bank, at times they will be willing to work with you. Did you speak with the BPO before the appointment? In the future, ask the loss mitigations rep to have the BPO call you to set the appointment, sometimes they will even give you the name and number of the BPO for you to call. Hopefully this helps to answer your question.
I think he knew I was an investor.
Not that I really wanted him to know, but any tips on how to play dumb? Or should I even do that?
Where does a business name fall into this? People ask you, you know, what company you're with, so should I just say I'm a private party, even though at closing I may be wanting to purchase through my business?
Just a note, the guy seemed somewhat arrogant, and his basic response was often "I do this all the time" or "this is all I do"
[ Edited by HeatherK on Date 02/25/2004 ][ Edited by HeatherK on Date 02/25/2004 ]
It helps when they think you are a real estate agent. I'm not telling you to lie but if they never ask or they assume you are "act as if". Most of the BPO's are at least polite. If he was that arrogant maybe you should report him to BPO Direct, Coast to Coast or what ever planet he's from. Next time bring a general contractor or a handyman that would be able to write a report for you.[ Edited by giveyoucash on Date 02/25/2004 ]
As a matter of fact I do plan to get my real estate license within the next 3 years. Do you think it's worth it to get it sooner as opposed to later just for the "respect" factor?
The concern I have is that some people in a distressed mortgage situation may not be willing to speak with a realtor & as a I realtor I would be required to disclose that I am one.
I do not plan to work for an agency, however, just plan on using the license to gain access to more resources (MLS) and also sometimes partial commission.
I say that I am a friend of Sally and Peter's and they asked me to help because I use to be into real estate. Since Peter was diagnosed with cancer last year he is not physically able to handle many of his affairs and I try to help when I can.
Brenda
Thank you all!