Started this discussion. Last reply by Vanessa Calhoun Mar 13, 2011. 11 Replies 0 Likes
Im getting alot of requests from buyers of shorts sales who are applying for FHA loans and need the sellers concession in order to close. In a verbal from BOA, they claim if the orginating loan is…Continue
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- In Illinois tampering with the BPO is a fraudulent activity that gets reported to the BPO Management companies and can undermine everything you're trying to do for the client. Discussing/steering value is one thing. Pointing out contractor statements for structural issues that can be documented another. Not allowing the BPO agent to complete the 3rd party "independent" opinion of value evaluation -well, this is what the mgmt. co's. have to say about this. This is from EML's BPO site and others have increasingly made BPO agents sign and report any indications of what you've mentioned or face being involved in collusion with you. If you don't know how to do BPO's another referral resource on completing them is NABPOP's guidelines book. For those that feel they know how to do them but aren't "trained," and want to be on top of it.
A better option, from my perspective is to counter the BPO value after it comes out by doing your own when you list it and creating a list of problems accompanied with a contractors estimate to fix or your best guesstimate (since you'll have to pay to get a contractor to the house and waste his time so you can make money) and again when it get's the official BPO which should be accompanied by your buyer's inspection results, (actually, if you're on top of this-you should get the inspection off the table 1st), so you can help the negotiator with a final decision based on seen and unseen flaws without getting into this collusion issue. Being put on the do not work with list with the lender will hurt your chances of working, believe me. Please check what your state's rules are on this issue. Here, it's a real problem.