Find Your Home!

Sunday, March 17, 2013

Selling Your Home as a Short Sale - Why you should only accept a realistic offer

The short sale approval process will likely include a broker price opinion of a property before the lender decides whether to approve a short sale.

A broker price opinion (BPO) is basically a market analysis provided to the seller's lender but a totally disinterested third party.

This opinion of value not only includes both "for sale" and "sold" properties but also information on other factors that influence value such as location, school quality, traffic, presence of parks and other amenities, local unemployment rate, market trends and other factors.

The BPO should, in my opinion, be very similar to a comparative market analysis done by the seller's agent.

Although I do not discuss any value determination with a seller's agent it does not stop them from trying to influence the decision by slipping in a comment regarding an offer price or offering to provide me with comparable properties.

The person who prepares this independent opinion of value will have no idea of your contract price .   

And for this reason a short sale seller must try to get the best price possible for their home.

Accepting  a low ball offer will do nothing but require a renegotiation later.  Or, even worse, going back on the market after a buyer walks when the counter offer is much higher than expected.

Brevard County  Florida home owners considering a short sale, give me a call at 321-693-3850 to discuss how I can work with you in the process.  If you prefer, send me an email.

Follow by Email