As Short Sale marketers we do our best to prepare a property and an offer for the bank (the victim of the short sale). With so many moving parts in a Short Sale, from BPO to property conditions, it can be like herding cats.
The biggest discrepancy at times is a BPO price. The BPO agents are paid very little to do an evaluation on the home. While most are largely competent, we find that on occasion we get the bad egg, and that can throw a wrench into even the most perfectly orchestrated Short Sale.
Having good pricing data and tracking showing statistics helps us combat a bad BPO. While this instance is rare, it does happen on occasion.
Another common issue is seller contributions and promissory notes. Recently Bank of America told us it was required that they ask for these two items. When pressure was applied back, they backed down on the request. A seemingly insolvent seller selling a home they cannot afford, certainly doesn’t have money for a promissory note!
Lurking in the midst are those pesky second mortgages. At times a second mortgage can call the shots demanding more money for their release of lien and wrecking havoc on an otherwise seamless short sale. Doing our homework on the second mortgages better allows us to formulate a plan of attack on the first and second to try and make all the campers happy.
If you have a short sale you’d like us to review, please do not hesitate. We are professional short sale marketers that specialize in marketing short sale properties!
Photo Credit: MoneyBlogNewz