Brokers Price Opinion – The Key To A Successful Short Sale

The first thing your lender(s) need to do in the short sale process is establish the current market value of your home. They do this in the form of a Brokers Price Opinion (BPO). A BPO is typically conducted by a real estate agent or a licensed appraiser (normally a real estate agent) that is hired by your lender(s). The BPO will contain comparable sales of similar houses in the neighborhood, with adjustments made for condition and attributes, to determine what the market value of the subject property is. Expect the Brokers Price Opinion process to take 1-2 weeks from the time the BPO is ordered to the time it is completed and inputted back into the lender(s) systems. Also, expect each lien holder to complete their own BPO…for example if you have a first and second mortgage, each lender will order their own Brokers Price Opinion.

A good Realtor or Investment Company such as SellQuickForCash.com will meet these BPO agents out at the house and influence the value of the BPO down. We want to lower the value of your home in order to get our low offers accepted! At SellQuickForCash.com, our expert negotiators and Realtors are highly trained at influencing the Brokers Price Opinion and have had much success in influencing these opinions of value. This step is crucial in order to successfully complete a real estate short sale!

Short Sale Hardship Letter

You lose your job, get sick, or are in the middle of a nasty divorce! There are many reasons why a homeowner would fall behind on their mortgage payments and in order for your lender(s) to begin looking at the short sale option, you need to prove a financial hardship. Obviously every homeowner has a unique explanation of “why” they are in there current situation. Some of the most common financial hardships include:

Included in a typical short sale packet is a hardship letter. Basically you want to explain the “hardship” that caused your delinquency. Remember, anything you say in the short sale hardship letter about what caused you delinquency needs to be verified! Get any and all documents together to do so and attach them with your letter.

Here are some basic tips to remember when writing your short sale hardship letter:

1. Start off with all the names on the loan(s) and the loan numbers
2. Explain your financial situation as well as your hardship
3. Explain what expenses you have decreased in order to try and make your mortgage payments. Ex. Cut back on cable TV and eating out.
4. Have a “call to action” of what exactly do you want the lender to do. For example, please work with Sell Quick For Cash, LLC. in purchasing my home.
5. Explain to them that you understand that will not be receiving any proceeds from the sale of the home.
6. Handwritten is probably better (as long as it is legible).

It is our suggestion that you type out your short sale hardship up first until it sounds the way you want it to, then hand write it out. This is an important part of the short sale package that must “tug” on the heart strings of your assigned Loss Mitigation Specialists.