Dealing With Expired BPO’s
This is Short sale Power Hour and today is Freaky Friday. Today’s theme is one that a few specialists may be seeing, but have no idea why it’s occuring. We speak lots on this show concerning BPO’s. We have discussed how the Broker price opinion process works. We have talked about how to contest a BPO. We have talked about how much value the BPO truly holds in the deal. We have even talked concerning how a few lenders do not care about the BPO at all. Nevertheless, one subject that we haven’t discussed is expired BPO’s.
You have a short sale deal and are regarding to get it approved. Still, if it took a extensive time to close or a purchaser rescinded, the bank may have been going on with the transaction and comprehend that the BPO has expired.
Many agents are not taking the time to write down when the Broker price opinion was completed. agents also do not bother to ask the bank negotiator how long the Broker price opinion is valid. We have learned it the hard way. The most terrible thing in the world is when you are ready to get an approval and the lender calls to inform you that the Broker price opinion is expired.
There are a couple things that you can do to rise above this problem. You need to record when you got the Broker price opinion, when it was done, when it was updated in the system. Observably, we are asking for the amount. And finally, you need to find out how long that BPO is good.
Take one further step and speak to your negotiator right before you offer your package for approval. Especially when you have had a long short sale or a previously rescinded short sale, you should check into the Broker price opinion.
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