How To Get A Slam Dunk On Your BPO's For A Short Sale
The key to a successful short sale depends on you convincing the BPO agent that the house is worth what you are asking. The only way you can get a low price from the agents is to provide rehab details and to give your low comps for the area. Obviously gaining rapport with the agent will definitely help.
Here is the Information you need to give the BPO agent or appraiser when you meet them at the property. You will have to meet them at the property that you are trying to short sale.
1. Run comps – we have a realtor run comps for us from the MLS. If you do not have a realtor, use Zillow or Truila.
2. Take photos of the surrounding neighborhood, subdivision, or area. Also take photos that show the damage to the house and take photos that will show off the house so that you can use them to market the house.
3. Inspect the overall condition of the home and estimate the cost of repair. We put together a contractor sheet to give to the BPO agent or appraiser (remember banks may send an appraiser instead of a BPO agent).
4. Help the BPO agent or appraiser formulate an idea of the properties value based on the information that was gathered. Realtors know a lot about real estate but may not know a lot about rehab or areas of town where they do not sell homes. That is why you need to be there at the properties when the BPO is being done, so you can work with the agent on assessing a fair market price for you and the bank.
BPO's are the key to huge discounts so focus on doing this correctly and you should be able to get huge discounts.
To help you in real estate investing please visit us at http://www.therealestatelegalwizard.com to get your 6 free ebooks on real estate investing.
Copyright 2007 Derek Carter
Article Source: http://EzineArticles.com/?expert=Derek_Carter
The key to a successful short sale depends on you convincing the BPO agent that the house is worth what you are asking. The only way you can get a low price from the agents is to provide rehab details and to give your low comps for the area. Obviously gaining rapport with the agent will definitely help.
Here is the Information you need to give the BPO agent or appraiser when you meet them at the property. You will have to meet them at the property that you are trying to short sale.
1. Run comps – we have a realtor run comps for us from the MLS. If you do not have a realtor, use Zillow or Truila.
2. Take photos of the surrounding neighborhood, subdivision, or area. Also take photos that show the damage to the house and take photos that will show off the house so that you can use them to market the house.
3. Inspect the overall condition of the home and estimate the cost of repair. We put together a contractor sheet to give to the BPO agent or appraiser (remember banks may send an appraiser instead of a BPO agent).
4. Help the BPO agent or appraiser formulate an idea of the properties value based on the information that was gathered. Realtors know a lot about real estate but may not know a lot about rehab or areas of town where they do not sell homes. That is why you need to be there at the properties when the BPO is being done, so you can work with the agent on assessing a fair market price for you and the bank.
BPO's are the key to huge discounts so focus on doing this correctly and you should be able to get huge discounts.
To help you in real estate investing please visit us at http://www.therealestatelegalwizard.com to get your 6 free ebooks on real estate investing.
Copyright 2007 Derek Carter
Article Source: http://EzineArticles.com/?expert=Derek_Carter
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