Recalling a short sale that Kevin and Fred closed in Mesa, Arizona, Kevin and Fred would like to disclose an unforgettable moment from their olden times together that pertains to the BPO or BPOs as the case may be.
Now to place the scene, this residence had 2 loans toting up 1.4 million dollars and the purchase price was $550,000, and this was in 2008! The first 2 BPO’s and the initial appraisal came in around $900,000, still way to high Kevin and Fred’s liking. The third BPO came closer to Kevin and Fred’s price with a judgment of $600,000.
Then, on the morning of foreclosure sale, a second appraisal came in around $560,000, which finally and obviously supported our offer value.
The factor that you should notice is that the lender ordered 5 various evaluations and only one of those evaluations supported our offer. Nevertheless, the lender still accepted it. The banks don’t like to foreclose. Simply look at this case! Four evaluations that say that we are wide of the mark, and one that says we are right. The bank chose to acknowledge the one evaluation that supported our proposal.
The bank deferred the foreclosure sale numerous times. The bank ordered multiple BPO’s. The lender ordered various appraisals. Isn’t it kind of apparent that the bank is looking for a rationale to take the offer.
As real estate experts, it is in your hands. You realize the fair market value of a house much better than a bank. Trust in your own expertise.
http://group4610shortsale.com” title=”Arizona Short Sale Specialists Answer Questions”>Short sale FAQs and more.
Get powered up by Kevin and Fred at http://shortsalepowerhour.com/who-gets-5-bpos-short-sale-power-hour-02-05-10/ title=”Who Gets 5 BPOs?”>Short Sale Power Hour by the Short Sale Specialists of Arizona
