Countrywide Says To Pay For Your Own BPO...
Everyone,
Countrywide was saying for this particular FHA loan, that if a short sale was to be considered the seller would need to invest ina BPO. They do not pay for them.
Is this common?
Thanks,
Bginvestor
No, that is not a common practice. I wonder why they predicated their reponse 'this particular loan'.....
Typically, the mortgage orders several BPOs during the course of delinquency. Is this particular loan delinquent?
Sieze on this opportunity and prepare your own CMA. Just be sure that you can defend it, and be prepared to be challenged.
SSP,
Wow, your right, this could be a good opportunity since BPO has a huge influence. Yes, this loan is 4 payments behind.
Best Regards,
Bginvestor
This a wonderful opportunity for you.
If you are talking to the individual who's handling this file,and they said to get you own BPO-get on the phone now and order one. This is a classic example of a lender who's penny wise and pound foolish.
Hi Bginvestor,
I had a bank tell me this once. They wanted me to pay for the BPO, however the required it to be a full appraisal from a licensed appraiser.
If they will let you use a Realtor to do your BPO, that would be a great opportunity!
Best of Success!
BAMZ
I recently worked on a short sale with Countrywide. Are you talking about the comps that they request with the initial short sale package? Just do the comps yourself. They're not going to rely on your comps though. Since it's an FHA loan, they have to get a real appraisal eventually, but they're probably asking for a BPO just to complete the initial short sale package so it can be reviewed.