Part of a successful short sale
transaction is obtaining a BPO that is reflective of the contract price. An
unrealistically high BPO is usually a death sentence for a short sale. The Listing
Realtor needs to participate actively in the BPO in order to assist in
obtaining a correctly valued BPO. Tucker's Tips recommends that the Listing
Realtor do the following:
- Remove the lockbox from the house once a short sale contract has been signed
- Meet the BPO Realtor at the house
to provide access to the property and to provide information about the
listing
- Provide the BPO Realtor with the
following information:
- Listing
information and marketing history including price reductions
- Recent comps to
support the contract price
- Inspection
information including all known flaws, defects, or repairs needed
- Copy of the contract showing the purchase price (obtain Seller's permission)
Again, the goal is to obtain a
realistic BPO, not an unreasonably high BPO that can create a huge hurdle to
overcome in completing a short sale. The closer the BPO is to the contract
price, the more willing the short sale lender is to negotiate a successful
short sale.
Contact me at 434-951-0858 or Tucker@TGBLaw.com
if you have questions. Thank
you for allowing us to send you this email.
William D. Tucker,
III
Charlottesville, VA 434-973-7474 | Lake
Monticello (Palmyra, VA) 434-589-3636
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