Ridiculous BPO software defaults may bottleneck short sales.
Two recent announcements may bring hope to shortening the short sale process. It has been reported that the “robo signing” issues have been worked out and much of the back logged short sales will be allowed to move forward. Also it was announced that the short sale process guidelines will require lenders to make a decsion on offers with in a 30 –to- 60 day window starting by mid-June…GREAT !!
But here are some of the issues we will have with a BPO (broker price opinion) that will be required prior to making the aforementioned DECISION !!
The latest BPO requirement of the week…Date Stamped Subject pictures. My last BPO was returned as there was no time/date stamp on the subject photos…in an explanation from the company I was told “most cameras have a setting that allows you to add a date stamp” Well folks mine doesn’t and I refuse to get rid of the $400 camera I purchased with my own money…to buy one that has this function – so I can do $45/ BPO’s.
For those that don’t do BPO’s or the general public reading this post…who can’t understand “WHAT IS THE HOLD UP?” let me give you a few other examples of why some opinions are rejected !!
#1) one or more of the listing – or closed comparables is too great of a distance from the subject.
#2) one or more of the “comps” is not in a similar size range as the Subject.
#3) one or more of the “comps” is not in a similar age of construction as the subject.
#4) One or more of the closed comps – occurred too long ago, the listing comp has been on the market too many days.
#5) aside from the date stamp…the pictures can be rejected for not having: A house number, A street view, a rear picture, or a side picture.
#1- #4…Issues? I can’t manufacture sold comps – what has closed is what I have to work with…this isn’t rocket science. If the only closed sales with in a town or less than 10 miles are…bigger, smaller, older, newer – they are what they are, and the same goes for current listing – they are what they are. I am trying to provide closed sales comps in some cases from towns with a population of under 1,000 people…how many sales are there in less than 6 months ?...Sometimes NONE!
#5… Issues? These are obvious…some houses don’t have street numbers, some you can’t physically get beside or behind to take a photo…and let’s face it for $45…I am not interested in an upset property owner questioning me on what the heck I’m doing in their yard!!
Accelerating the Short sale process…sure thing good luck with that.
When no one can satisfy the BPO requirement or wants to do them due to the level of frustration…the process with come to a grinding stop.