How to influence the BPO

In a short sale, the most important part of the process is influencing the BPO. BPO stands for brokers price opinion. When you submit a short sale to the bank, the bank will order a BPO to make sure the offer is within reason. The BPO will tell the bank how much they think the house is worth. So, how do you influence the BPO?

First, when the bank calls you to set up the time for the interior inspection of the home, get the BPOs contact information. Fax the BPO the 3 lowest active, pending and sold comps. Also, explain what's going on with the home owner.

Another trick I use is tell the BPO that within the comps, there were concessions so the actual cash price is 6% lower since my deals are all cash deals. Always do some research and find out how many sex offenders there are within 2 miles of the property because that can decrease the value of the home. Also, find out if the foreclosure rate is high. Since this is a declining market, you can tell the BPO agent that when the short sale is finalized, the home value will have decreased another 3%. I always check to see if small things are damaged such as sprinklers. It costs almost $2000 to get those things fixed.

Finally, find out if the home is in a flood zone. You can get great discounts on the property on this alone. If the home needs work, find the highest repair estimates available and show that to the BPO. You have to tell get the BPO to tell you a low price without actually telling them the price. Play jedi mind tricks with them. Remember, this is someone's opinion so you will not get the BPO to come out in your favor 100 % of the times.

If you know someone facing foreclosure in the San Antonio, Texas, and needs to get out of the situation, email me at sushimellow@gmail.com or go to my website at http://www.foreclosurequickstop.com/ and fill out a form for a free 30 minute consultation.

I am the best in Bexar County when it comes to getting short sales done.