A New-found Device For
We are revisiting a matter that we discussed a month ago concerning BPO disputes and we implied that the market may change a bit regarding BPOs. Ultimately, we thought that the number of active listings was going to go up and that sales were going to lessen. We coupled all of this theory into the idea that BPOs were going to get messed up in this process.
Specifically, the BPO challenges are emerging from the lender valueing your house higher than it is actually worth. When you have had a property on the market for quite a few months and had no showings, you recognize that the property is worth less but the bank doesn’t always understand that.
This seems to be occuring more frequently now. So, a few of the tips that we have given are to work vigorously to champion your BPO disputes to the bank. Use sold comps and active REO listings to do this. Take a look at tax records to acquire this information. As we all recognize, the price of the active listings tells us where the market is going. If the price of homes on the current market are low, the market is going down.
The difficulty is that it takes a bit for the banks to catch up to this change in the market. In order to help you fight BPO values with the bank, we have another tool that you should mull over.
There is a company out there that lots of of you are familiar with and the banks are familiar with it as well, specifically, Lender Processing Services. LPS does a lot of stuff but they have a means that we, as realtors can actually use. Here’s how it works.
Sign up for an account with LPS and then you have the right to pull REO market analysis reports. That is a report that is resultant from tax information. It provides many valuable pieces of information. This REO market analysis can give you a report that says what the AVM value is and what the REO value is.
The reason we love this report is because it is prepared by a third party. Essentially, you can not persuade it and we believe that it holds much more weight with the lender. We have had great success utilizing it over the last few months. This is a worthwhile means. We greatly suggest that you sign up for it today.
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