Real estate agents perform all the required documentation for the bpo then they input the figures into an automated form that asks for 30, 60 and 90 day values. A value is then presented to the bank that is actually about 15 percent lower than the fair market value of the property. Why is this done? So the bank can move the property quicker.

But many real estate agents will confirm that they use newer documented values than they are supposed to use. If the automated form asks for 90 day comparisons many real estate agents will input 30 day values. Banking institutions know how the broker price opinion is formulated. It’s no surprise and they welcome a low-priced home that will sell quickly. In fact, agents who routinely provide low-ball values and off load homes within 30 days will get a load of business from the banking institution.

A certified appraiser will be requested by the financer to ensure their interest is secure. They want to make sure the home is not overpriced. So if the asking price comes in undervalued then it’s surely to entice the buyer and pacify the financer. It looks like a great deal the buyer is getting.

Broker price opinions and the real estate agents making money with them know this is an easy money game. To get the listings and keep the business coming in you support low values and a 30day liquidated price. What does this mean to the buyer? All-in-all it can mean a good deal to jump on if you have a good real estate agent on your side to point out deficiencies in the home. So buyers beware; it’s up to you to determine all the other characteristics of the reo property and whether you need to negotiate on the price.

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The lender requires many documents and exhaustive information regarding the marketable value of the home. A broker price opinion probably will not suffice for the type of in-depth information you will want to present. Remember, this is not a foreclosed property so the process will be much different.

To begin a short sale process you must investigate and find the person in charge of accepting these types of offers. Many times this is the most frustrating experience; start with the loss mitigation department or even call their foreclosure department and start asking questions there.

The lender will generally hire a real estate agency to handle the evaluations and they will want to gather as much information as possible if they are going to accept a lower asking price. The lender will want price comparisons; market analysis for the last 90 days and community trends including the number of homes that have gone into foreclosure in that neighborhood.

Now of course, various banking institutions will perform this procedure differently and some will choose a bpo because of the price but if this is acceptable to them the buyer should get a certified appraisal to ensure the broker price opinions is justified.

A short sale definitely saves the lender the expense of moving forward with the foreclosure process so if you can gather enough information on your own to entice the lender to accept your offer they might jump at it quickly; and this all depends upon the information you collect.

Just keep in mind a broker price opinion is unrealistic and favors the lender when dealing with short sales.

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