The most important fact the mortgage lender needs to know is how much the short sale property is worth? Most mortgage lenders hire a real estate agent/broker to help evaluate the short sale property. This evaluation is called the broker’s price opinion or BPO. The BPO is one of the largest hurdles to clear when completing the short sale process. Our goal — after submitting your initial package to the mortgage lender — is to get them to order this evaluation and provide additional comparable sales to insure it is accurate.
The agent/broker will call to set an appointment to complete the short sale BPO. We meet the agent at the home and develop rapport. We share how comparable sales and other factors affect the properties value. If handled correctly, some agents will actually disclose the price they submit to the mortgage lender. This is a huge help because most mortgage lenders will not disclose the ACTUAL amount of the BPO. They want to get the most money for their mortgage investor.