St. Augustine, Florida (PressExposure) April 26, 2008 -- Of course, there is only so much that one can do to influence this value, as it is - much like an appraisal - based partly on neighborhood property trends, the condition of the property and comparable sales in the area. However, as a short sale investor, one wants that value to be as low as legally possible, and it's the investor's responsibility to himself and the homeowner to make sure that the broker sees every single solitary flaw.
Investors should be prepared and know what to ask for, and what they want to point out. A BPO does not necessarily include an analysis of the interior conditions of the property. So look things over first, and decide if it will help or hurt the negotiations. If there is mold or mildew, holes in the walls or floor or major structural damage to interior appliances, etc., the investor will want to consider inviting the broker in for a complete tour.
Jeff likes to be there in person to greet the broker and to be sure he doesn't miss anything. He meets them at the property and points out issues that not only decrease the probable sale price, but also add to the estimated market time. Remember, the bank wants their money, and the more time he can put in between that house and the bank's money, the better for him. Jeff also checks out the neighborhood, having the BPO service include photos of the surrounding property, if it looks like it can be helpful.
Again, depending on the environment, this might be an extra to request, or one to forgo. Once the BPO is complete, he will submit it to the lender as part of the total package to sell them on a short sale proposal. This procedure can be very discouraging and disheartening for the homeowner, as the process of picking apart what used to be their home can make matters look worse instead of better. Jeff reminds them, and himself, that this is just part of the solution - he knows, as a real estate investor, that this BPO is just a means to an end.
Kaller makes a final point at the conclusion of the interview, advising investors to be certain they are not blind to potential pitfalls that a more objective observer may spot. If something they are not prepared to deal with appears in the BPO, they may need to reevaluate their ability to either repair the property or find a buyer who wants to take it off their hands. The good news is that there are literally hundreds of thousands of investors out there, and each one is unique. One just needs to know how to locate and keep in contact with them to have an eager audience for every short sale that is done.
This Press Release has been submitted by PREasy.com