One Reason Why Short Sales Get a Bad Rap

By
Real Estate Broker Owner with BROKER of Green Realty Properties® - 954-667-7253 BK3175566
http://actvra.in/tG5

There are days where I think I may be losing my mind while working South Florida Short Sales because I can’t make any sense of these investor's actions. Here are the latest shenanigans:

We started a short sale, and with the Seller’s permission, we waited until the Lender’s BPO came back before we listed. The value came back, the lender servicing the loan told us that the value was $199K, and so we listed and went under contract for $199K.

The file moved forward to a negotiator, and a few days later, he asked us for 3 closed comps and 3 active comps. Naturally we asked what they needed the comps for, and he told us that there was a 2nd BPO done by the investor (one of the two GSEs) without our knowledge.

Right away I’m confused because there is no reason for a 2nd BPO when the last one was done less than a month ago. I am also irate that a BPO agent went into my Seller’s home pretending they were there for a showing, basically doing a BPO without our permission (anyone who follows my blogs knows that we show up to every BPO appointment to make sure a licensed BPO agent actually does the value).

Then through some more back and forth with the negotiator, we find out that the 2nd BPO came back at $300K!!! I almost fell over! HOW is it that a property in Miami appreciated $101K in one month?! Last time I checked, we’re still in the middle of a distressed properties storm and it’s not looking like it’ll get much better any time soon.

Thankfully (seriously, thanking my lucky stars), this negotiator is by far one of the most reasonable, proactive, knowledgeable negotiators I’ve ever come across and he’s 100% on our side. He is fighting for us as hard as he can and is pushing for the 1st value of $199K to be used. If we had anyone else working on this file, we’d literally have to wait out until the $300K BPO expired and then request that a new one is ordered (3-4 months later).

If the investor doesn’t take the negotiator’s recommendation, we’ll have an uphill battle on our hands, but I’m hoping for the best and I’m prepared to fight. Nevertheless, it makes me wonder….what are these people thinking???

 

Posted by

If you or anyone you know need help Selling or Buying a Home in Broward & Miami-Dade Counties, please don't hesitate to call me at 954.667.7253

 

Help lots of people and have a great day!

Patty Da Silva, CDPE©, RESS®, AHWD®, e-PRO®, GREEN, CFS, TRC, RSPS

BROKER - REALTOR® Serving South Florida ::: 954. 667. SALE (7253) ::: Green Realty Properties®

Visit www.WeLoveSouthFlorida.com for SouthEast Florida's best properties.

 

 

Copyright © 2008 - 2013 By Patty Da Silva, CDPE©. All Rights Reserved.

Legal Stuff: This article (Contents) reflects the opinion of the author and it is not to be considered legal advice. The author is not an attorney or a CPA. If you are in need of legal or tax advice, it is recommended that you to contact a trusted professional advisor.

close

Re-Bloggged 1 time:

Re-Blogged By Re-Blogged At
  1. Jeff Tepermeyster 02/22/2012 04:14 PM
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the pencil to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
ActiveRain Community
Location:
Florida Broward County
Groups:
Advice for Sellers
Almost Anything Goes
Realtors®
Short Sale REALTORS®
"Whacked"!!!
Tags:
short sales

Comments 12 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the lock to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
1,222,048
Ron & Alexandra Seigel
Luxury Real Estate Marketing
ra@napaconsultants.com

Patty,

Love the house of nonsense picture, I think that there are many more inhabitants who should be living there.  All the best to the short sale Diva. A

February 23, 2012 07:55 AM
Rainer
21,866
Marianna Athanasiadis
Green Realty Properties®

Who wants a drink after reading that? They're all nuts and make no sense whatsoever. This negotiator is our saviour on this one.

February 23, 2012 10:19 AM
Ambassador
1,156,129
Kathleen Daniels
San Jose Homes for Sale - Probate Specialist
KD Realty - 408.972.1822

Patty,  Those people are not thinking. They don't have to think ... they are paid robots ...don't ya know?  The second BPO sounds like BPO BS to me. I would not be surprised if the BPO they are referencing is for another property!

February 23, 2012 09:35 PM
Rainmaker
229,154
Dee Mayers
San Gabriel Valley, CA

And the drama continues.  Reminds me of the story about too many cooks...

February 24, 2012 08:51 AM
Rainmaker
694,639
Debra Walsh
Hudson Valley NY Real Estate 845.928.8000
Keller Williams Realty

Some things never change.....love the graphic Patty!

February 24, 2012 09:35 AM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the car to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
412,708

Patty Da Silva, Davie, Southwest Ranches Cooper City, Plantation, Weston, REALTOR

Top Listing Broker
Call me to list your home today - 954-667-7253
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the truck to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information


Green Realty Properties®


Follow me...







Patty DaSilva, Green Realty Properties reviews

 



Zillow Testimonials
462155
' I have known many a realtor, some who are very close friends, but when it comes to my real estate transactions, the first (and only) person I call is ... more '
5.0/5.0
by user7387387
458622
' Patty and Chris are the best Realty team in the South Fl. market!!! They are really helping their clients with their personal attention and ... more '
5.0/5.0
by user28761998
437338
' "Don't go anywhere else!!! This is it! Patty is the equivalent of the Michael Jordan of real estate. If you want your deal closed as fast as its ... more '
5.0/5.0
by VanessaDias