What is the BPO in a Naperville Short Sale?
A BPO (Brokers Price Opinion), is similar to a home
appraisal. Real estate agents prepare BPOs by doing an inspection of the
property and researching recent sales of similar properties in the area and
current market trends to estimate the short sale property’s current value.
Once the lender receives a short sale package, the
lender requests a BPO from a real estate agent to assess if the offers for the
short sale are reasonable.
The BPO is crucial to the short sale process and
could make or break the transaction. To make sure it is handled correctly, your
Naperville short sale agent should meet with the BPO agent to make sure they
have all the information they need. This can be done by including notations in
the file stating that the BPO agent has to contact the short sale agent in
order to gain access to the property.
Your agent should also prepare a package to be
handed to the BPO agent which usually contains a hardship letter, a comparative
market analysis or appraisal, and anything that can reduce the value of the
property - like damages.
The BPO agent should know that the purpose of the
evaluation is a short sale approval. Try to get them as emotionally involved as
possible to let them know that their evaluation of the property will have a big
impact on your life by providing them with important facts.
Since the BPO has a huge impact on the outcome of
the Naperville short sale process, the agent should be very knowledgeable on
current market values of Naperville luxury homes in your area and understand
the entire scope of the short sale.
If the agent is not very knowledgeable in this area,
then their BPO may do more harm than good on your short sale.
An experienced short sale agent will know how to
positively influence the value of the BPO for a better short sale outcome.
The best way to avoid these BPO problems is to work
with an experienced and certified short sale agent from www.RyanHillRealty.com
who knows and understands the process, and can help guide the value of the BPO
in the right direction so you can get a favorable outcome for your short sale.
If you are ready to do a Naperville short sale
call me, Teresa Ryan, a certified short sale agent, at 630-276-7575. As
Broker/Owner of Ryan Hill Realty - www.RyanHillRealty.com,
I have the qualifications, experience and tools to help you sell your
Naperville short sale home.
Teresa Ryan
Broker/Owner, CDPE
Ryan Hill Realty
1001 E. Chicago Ave., Ste. 103
630-276-7575
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