All Forum Posts by: Mike Hopkins

BPO stands for Broker's Price Opinion. It is much like a CMA (Comparative Market Analysis) that an agent would do to help a seller determine their list price.
However, a BPO is done on the lender's own form and the lender dictates how it is done. Unlike an appraisal that is done to specific standards that all appraisers must follow.
BPO requirements can often dictate that the agent must use certain kinds of comps, can't use other kinds of comps, and can or cannot make certain adjustments. These limitations often can cause the value estimate to not match what a real world buyer is actually willing to pay for the property.
From HERE: http://ctlms.myproptrackr.com/2011/02/16/the-short-sale-bpo-quandary/
I have an FHA loan...
I think my realtor is trying the "Over time" strategy of proof that listing price will dictate the selling price based on people looking at it.
He has worked with Wells on SHort Sales in the past and

Whit is BPO anyway? My realtor is in constant contact with the bank and told me this could take 18 months to do.
maybe the process is long and drawn out, I do know I am not knowledgable in this area.

I don't think that it is actually I will ask him. If Not, thanks!

My apologies.
I have been approved for a short sale under contract, No.
We have been sending listing agreements (originally lower than the FMV. Actually the first 3 months were 30K under the aapraised value (with no bites). THen we were told to increase the price to the appraisal (which was done for 3 more months). No bites.
Finally they agreed to drop the price 15$ K. 3 b showings but no offers.
Trust me, I qualify- I have been qualified for Short Sale. I have been unemployed for 12 months. 4 months into my un employment I applied for approval and was accepted.
I have not paid : principal and interest installments for 8 months.
As I understand it, it's more expensive for a lender to go through the foreclosure process than it is to accept a lower amount for the house and actually sell it.
I will talk to my realtor about this: As for the particular area you want considered, as for a copy of the lender's BPO and bring it to your own broker to see if he can explain why that market area is being excluded.

I applied for SHort sale before I missed my first payment. It was approved 8 months ago. The rpoblem is that Wells Fargo keeps having my home appraised and the value comes up near what I owe.
They finally dropped it 15$K but it won't get anyone to look at it at that price. 2 miles away a new community( that is dead- no new builds) is selling brand new homes with a free lot- essentially selling the houses n@ 40-50K under mine.
What can I do to get the bank to acknowledge this? Is it possible that my home would go into foreclosure if they aren't willing to budge to what the market will really allow? In 8 months 4 people came to see it. 3 of them after the price dropped recently. The house is in good shape- nothing wrong with it in the best school district in my area.
Is this typical or am I missing something?