The bank's BPO or Appraisal ("valuation") of a property can be the most important turning point in any short sale transaction.
If conducted correctly, the bank then clearly understands the home's value and will likely approve market value offers.
But if the valuation is too high, the bank will falsely believe the home is worth more than buyers are willing to pay, and will begin to reject even reasonable offers. High valuations can lead to many lost weeks spent in valuation disputes or, even worse, total transaction failure if sufficient time no longer exists.
To help prevent valuation error tragedy, we’ve created an easy 5-step process that increases BPO accuracy by 300%.
That's right, based on a 12-month study of more than 350 transactions, short sale agents who followed this 5-step process were 3 times more likely to receive favorable BPO results… that is, a BPO value which leads to approval without the need for a value dispute.
For those short sales where the agents can’t perform all 5 steps… or where the BPO agent still gets it wrong (sometimes, this happens no matter what) then that’s where we come in.
The value of your listing is something the bank needs to understand and when the BPO goes poorly, absolutely no one is better at helping the bank to understand the real value of your listing, than Short Sale Cooperative.
When it comes to the major mortgage servicers and even the smaller ones, we know almost everyone who can make things happen. After processing thousands of short sale transactions, you just can’t help but form relationships with the good guys at the bank.
When your transaction needs it most, our experts will demand accurate valuation numbers and we’ll get them for you, almost every single time.
So long as your offer is market value and that value can be proven with facts, we will get you an approval regardless of how bad the BPO was, or how many times they screwed it up.
Just remember, whether you’re working with us or not, you’re 3 times more likely to avoid value disputes if you just follow these 5 easy steps.