Cigar Asylum Cigar Forum - View Single Post - Real Estate - Can we talk short-sales?

althekillr · 04-12-2011, 10:09 PM

the deal with short sales it to make sure your agent and the listing agent knows what they are doing.

what you have to do to get a good deal is to prepare the bpo for the bpo agent (brokers price opinion). what is happening now is banks are paying out of work agents 45 bucks to go and give a value on a house. its essentially a summary appraisal with active comps as well. These bpo agents have to drive, take pics and prepare a report. 2-3 hours of work. what some people will do, especially if you agent has bpo experience, is to prepare the whole bpo for the agent coming out to the property, hand him a cd with the bpo and the pics, and meet him at the property. tell him that we have done all your work for you and talk the lingo so he knows the bpo is good. "we used recent comps" "we made sure to include the address verification pic, street view pics" etc etc and he will know he's got all his work done for him.

And you have to research the loan situation ahead of time before making offers on short sales. certain ones you know will not go through. ex. heloc, credit unions, private money loans etc. and you don't have to waste your time on those. multiple loans are workable as long as the agent knows what he is doing and we know who the lenders are. and preparing mulitple huds correctly so there is room to negotiate etc.

just find an agent that can verify he's closed a bunch of short sales and it should help.
short sales nowadays are easy as long as you don't go after the ones that have no hope, and the realtor on the listing and buying side know what they are doing.

a CDPE agent probably gives them some sort of knowlege though by no means they are an "automatic expert".

any questions pm me.

04-12-2011, 10:09 PM	#39
althekillr Still Watching My Back Join Date: Oct 2008 Posts: 78 Trading: (0)	Re: Real Estate - Can we talk short-sales? the deal with short sales it to make sure your agent and the listing agent knows what they are doing. what you have to do to get a good deal is to prepare the bpo for the bpo agent (brokers price opinion). what is happening now is banks are paying out of work agents 45 bucks to go and give a value on a house. its essentially a summary appraisal with active comps as well. These bpo agents have to drive, take pics and prepare a report. 2-3 hours of work. what some people will do, especially if you agent has bpo experience, is to prepare the whole bpo for the agent coming out to the property, hand him a cd with the bpo and the pics, and meet him at the property. tell him that we have done all your work for you and talk the lingo so he knows the bpo is good. "we used recent comps" "we made sure to include the address verification pic, street view pics" etc etc and he will know he's got all his work done for him. And you have to research the loan situation ahead of time before making offers on short sales. certain ones you know will not go through. ex. heloc, credit unions, private money loans etc. and you don't have to waste your time on those. multiple loans are workable as long as the agent knows what he is doing and we know who the lenders are. and preparing mulitple huds correctly so there is room to negotiate etc. just find an agent that can verify he's closed a bunch of short sales and it should help. short sales nowadays are easy as long as you don't go after the ones that have no hope, and the realtor on the listing and buying side know what they are doing. a CDPE agent probably gives them some sort of knowlege though by no means they are an "automatic expert". any questions pm me.