A Note To all Lenders and Financial Institutions
If you want to get it right and get properties sold..I would concern yourself with the agents selected to do BPO's. Friday I received and order and I declined it...while some would think it was crazy...I did what was best for the market.
In all fairness don't think for a minute I do not need the income..I'm not above doing BPO's...and just like many others I need the income coming in or I won't sleep at night then again...doing something that I believe would hurt other parties..would cause insomnia!
First of all-doing a BPO 120 miles away does not make sense...business wise for myself, for the lender and definitely for the seller who is trying to sell their property.
I do not belong to that particular local board so I would have to use IDX...am I doing a service or disservice???????
For a mere $45.00-not only to drive that far...but to take 18 pictures and not sure of having access to the property...who knows what's in store for you once you arrive..upload the photo's and write their extensive report..I don't know..it seems to me...$45.00 may not be a fair price...a lot of times in life you get what you pay for!
Many BPO agents take photos and do not concern themselves with the shortcomings of a property...another words they take photo's and present it in a light they feel that they might get the listing. Jokes on you..if you haven't figured it out...many times BPO agents are rarely selected to list the property.
On top of that..we wonder why short sales do not turn successful...you ready big secret..because the numbers are wrong. I do not believe for a second you have to live or work in the area in which you do BPO's but I believe you must present the property in its true form...its really simple if you think about it.
If you do not have access to the local MLS and solely relying on IDX...you are doing a disservice...to the bank and for a desperate seller.
Really truly when you think about it...real estate is all numbers related. That's what the negotiators are looking for and that's what investors look for. And until the MLS is global for every city, every community and every subdivision...those utilizing IDX to do their BPO's is creating complication.
Lenders if you want better success with pricing and with actually disposing these properties...select an agent who will do the job right...make sure they have access to the local MLS but more importantly make sure when you ask agents to give price opinions... you request...
A property in its true form!
This post was inspired by Neal Bloom, "How Can the Market Value of a Home In Florida Go Up 30,000-dollars in 5-weeks"-..It's good to see him back but sure stinks to hear just another familiar story on a short sale real estate transaction.
About The Author: Midori Miller is a Real Estate Trainer and writes and trains Real Estate Training and assists sellers in short sale situations. Midori is a Licensed Florida Real Estate Broker, License # BK645709 and a member of the Daytona Area Association of REALTORS. Contact midorimiller@yahoo.com or (386)453-3236.
I posed this question once on facebook...if the banks handle their REO's electronically why not handle short sales the same manner. I knew that one day...a bank or banks would wise up...