Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Investor Mindset
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 15 years ago on . Most recent reply

User Stats

72
Posts
0
Votes
Bart Nakielski
  • Residential Real Estate Agent
  • Scottsdale, AZ
0
Votes |
72
Posts

Investor Offers on Short Sales

Bart Nakielski
  • Residential Real Estate Agent
  • Scottsdale, AZ
Posted

Hello,

I'm based in Az and the investors I've been working with try to get short sales at 60-65ltv. Just curious what are the trends in CA, let me know.Thank you

Most Popular Reply

User Stats

13
Posts
5
Votes
Steve Hallman
  • Atlanta Metro, GA
5
Votes |
13
Posts
Steve Hallman
  • Atlanta Metro, GA
Replied

Banks sell short at 80-90% of current market value. The trick is to get the bank to sell it for 80% of distressed value and resell it for 90% of retail value.

You know the value is determined by the BPO agent. I know the "GURUS" talk about being there for the BPO and influencing it if possible.

Well, the BPO is the most important factor. BUT here's what the GURUs don't tell you.

The hard part is influencing the BPO agent to value the property as a distressed 30-60 day value. There is a lot of pressure on the BPO agent not to use distressed properties (REOs/Foreclosures) in their comps. If they do, they are guaranteed a "Quality Control" audit. They are scored on their work and may not get more BPOs from the clearing house if they do not maintain a certain score.

What can you do about this?

Maybe nothing just be aware of it.

Try talking about the home owner’s hardship and how they REALLY need this deal to go through. You've got to give the BPO agent a reason to buck the system.

*******************************
BIGGEST TIP OF THE DAY........
If you wait till the BPO agent arrives at the property to try to influence the valuation,........ You’re too LATE!

She has already got comps and has formed an opinion about the property’s value.

You've got to tell the bank to have the BPO agent call you 24-48 hours before. Talk to the BPO agent, build rapport. Ask how many BPOs they do. Ask for an email so you can use their service in the future. SEND her a friendly email ASAP and enclose some area comps for her convenience.

Good Luck!

Loading replies...