Work the BPO for a Successful Short Sale Approval:
- Schedule the meeting with the appraiser/realtor to do the BPO. The BPO is the “Broker's Price Opinion"; and sometimes a real estate broker values the property and sometimes it's an actual appraiser. Your lender will decide who does this.
- Prepare for the BPO. Your job is to make your house look as ‘worthless’ and as much of a ‘liability’ as possible. Go to the local police department to get crime statictics for your area. Search online to find out if there are any sex-offenders in your area and print out the details. And if possible, get three nearby sales of similar homes that support your buyers offer.
- Meet the BPO agent at your property. Find out if the agent is aware of the situation. They are hired by the bank, so they are not likely to be very helpful to you. None-the-less, this is by far the most important interaction of the entire process. Without being pushy explain your hardship and offer your data to help them with their evaluation.
- Allow at least 3 days for bank to receive the BPO. Then contcat them to see when they will be deciding if your buyers offer is adequate to cover the short sale payoff that they will allow.
- Call back again at least once a week to find out the status. The lender will eventually give you a counter offer. If necessary, provide additional information to support the offer. This may include a professionally prepared repair estimate detailing additional expenses that the BPO agent may not have allowed for.
- You may go back and forth several times with the buyer and lender before getting a definite yes or no. (Each time you submit a counter offer to the bank you will need a new HUD prepared. ) If the bank agrees to your buyers offer, get the short sale payoff in writing (a verbal commitment means nothing).
All you have to do now is make sure the buyer has the funds to purchase at the accepted payoff, which may require you to confirm that they are approved for a loan. (This step is essential because if the buyer cannot close within the allotted time - usually 30 days - you will need to find a new buyer and start the whole process over. )
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