Tag Archive

Tag Archives for " Brokers Price Opinion "
1

Short Sale Listing Agent’s Common enemy

Who is the Short Sale Listing Agent’s common enemy? Is it the lender, the negotiator, or the market? Well…none of the above. The common enemy of the listing agent is the BPO (Broker’s Price Opinion) as requested by the short sale lender.

In order to have the BPO, it is requested either by the short sale lender or the servicer. Sad to say, the listing agent has no power over who’ll choose to prepare the BPO.

In sending the short sale package to the short sale lender, the package is placed to the loss mitigation systemand that is when a BPO is ordered. Along with this, an appraisal may also be needed as determined by the lender. The requirements along with the BPO depend on the note holder and the amount of loss there is. It can be accompanied by an appraisal, BPO only, or two BPOs.

Like Fannie Mae and Freddie Mac, they entered into a deal with a huge BPO company to do the work of their BPOs for the short sale notes that they own. With this, the servicers will not need to worry about ordering BPOs. Herewith, the short sale processis shortened, but can affect the seller and the listing agent.

Most agents want to have a BPO immediately so that price will be up when the property will be listed. This is mostly done in theory but too seldom in practice. The problem would then be if a BPO is old, the listing will stay on the market for quite some time.

As for Fannie Mae and other note owners, their short sales are now required to have a BPO and an appraisal if the loss mitigation is greater than $125,000. Some agents perform this in anticipation of getting the listing when it is an REO. But it is doubtful for a lender to give a particular agent the listing should it become an REO. There are also agents that turn ordered BPOs and are bringing considerable income, but usually this is not the case.

Other Articles to Read:

Gainesville Short Sale Cost

Why it is Important to Understand the Short Sale Process

Options To Prevent Gainesville Foreclosure when Unemployed

Fraudulent Short Sales and Passing the Hardship Test

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

Gainesville Short Sales – How Long is a Short Sale?

Gainesville Short Sales – How Long is a Short Sale? How long is a short sale in Gainesville is a very common question. This really depends on the short sale bank, their processes, seller motivation, proper buyer expectations and understanding how to market property.

Each short sale bank has its own policies and procedures on how to work through and process a short sale. To understand how long is a short sale; we need to first understand the when the traditional short sale process starts. Once the home is listed and receives a contract is when the Gainesville short sale process truly starts. The short sale offer is then submitted to the bank along with any short sale bank addendums, financials and additional required paperwork. The short sale banks are notorious for losing paperwork and requesting documents to be uploaded or faxed. The seller(s) and buyer(s) also need to be very motivated in returning paperwork in a timely fashion. Many short sale banks are now placing deadlines on files for completing requests or they will close the file and the short sale process will have to start all over again. You may already be familiar with this if you have tried completing a loan modification. This will add time to how long is a short sale and always stalls the short sale process.

Another factor affecting how long is a short sale is when the short sale bank switches or hires new personnel or negotiators or dealing with untrained staff that do not know the answers. Each short sale bank has a short sale department with customer service representatives who may be able to view and access the file but rarely have the answers to important questions or any authority to move the file forward. Another delay is when the short sale is being processed by a short sale bank that never assigns any one specific person to the file and it is managed through a centralized HUB, this means the left hand does not know what the right hand is doing.

Once the file comes out of document review it is assigned to a negotiator who will then order what is called a BPO (Brokers Price Opinion). The seller will need to make accommodations for this inspection to take place and this can take up to 2 weeks. If the offer and BPO are favorable to each other terms are provided to the seller and an acceptance or counter of price is provided to the listing agent to correspond with the buyer’s agent. If all are in agreement the file moves to the investor for final review and approval. Once approved the approval letter is provided.

As simple as this process may seem it takes on average 4 – 6 months from offer contract to closing to process a short sale. Many can be short sales can be completed in 60 days but all parties must be motivated and on board with turnaround time. This can be a very emotional process for sellers.

In reducing the time of how long is a short sale, Anson Properties LLC maintains call and email records for accountability purposes and for use of escalating files as necessary if there are roadblocks or mishandling of a file by the short sale bank. Anson Properties LLC has a team that works on your file. Each member of our team handles specific actions in order to expedite your Gainesville short sale from time of listing to the successful closing.

Some tips in reducing the “how long is a short sale” time frame, keep either a physical or digital folder that you place your pay stubs, bank statements and all other financial paperwork in because the short sale bank will request updates and you will be able to turn that around in a timely fashion.

Other Articles to Read:

Gainesville Short Sale Myths

Do I have to pay for the Short Sale Real Estate Agents Commission?

What Happens in a Short Sale if I Have More Than 1 Mortgage?

What Can a Short Sale Agent do for Me?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals.