Has anyone done BPOs for this company? If so, what has been your experience? Any tips on completing these or on valuation? I know how the company works, but a little curious on arriving at final values.
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I have a client who has had his loan sold to them that I am going to do the short sale on. I have heard they are a short term note investor and doing the BPOs dont always translate into business. I will be interested in how they will work a short sale.
Tony Linton > Shawneequa BadgerMarch 30, 2010 at 8:00am
Hi Shawneeque, This will be the best short sale that you will ever do. Have you been in touch with the Kondaur AM? Make sure you get involved before they assign it to another agent.
They have bought the paper at this point and already have a price set which will be fair. They will offer the buyer a deed in lieu of foreclosure and not 1099 the balance so it's a clean transaction. This will be a quick transaction unlike the normal short sale and the only reason it could get messy is if there are other liens and lenders involved.
Look back in the forums and blogs as there are good explanations of how they work.
Hi Gail, do these slightly different, they are only interested in a 30 day to contract value not your typical 90 to 120 day. When they ask for a CMA it means they are doing due diligence on a block of probably 2000 to 2500 properties. They don't pay for BPO's/CMA's but my advice is to do it and just forget about it....then 3-4 months from now you might get the property if they aquire it in the final pool. They like giving it back to the agent that did the CMA and usually won't look for anyone else. I have three from them now, and I am at a 3 out of 5 ratio on the ones I have done the CMA on........simply because they don't get all the ones they are researching. They will also list very close or on your recommended price.
There are a couple of prior blogs that explain more indept.
Good luck! You will enjoy working with them.
Gail Jackson > Tony LintonMarch 30, 2010 at 12:50am
thanks Tony. I did see that it was a 30 day value & based my valuation on that time frame. Our market is fairly low inventory now & we get multiple offers on properties. I did receive a call from another asset manager yesterday who had a couple of questions. It seems the property has been handed over to 3 different individuals so far. I did extra photos to document some issues I thought would be detrimental. I also gave a lot of info in the comments area. I was impressed with the asset managers I spoke with about the property. I had already researched this site for comments on them. I was just curious to see if anyone else had received requests & the volume of their business from them. This was my first request from Kondaur since submitting my info about 2 weeks ago. Thanks for the info & feedback.
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http://kondaur.com/home.aspx
They have bought the paper at this point and already have a price set which will be fair. They will offer the buyer a deed in lieu of foreclosure and not 1099 the balance so it's a clean transaction. This will be a quick transaction unlike the normal short sale and the only reason it could get messy is if there are other liens and lenders involved.
Look back in the forums and blogs as there are good explanations of how they work.
Good Luck.
There are a couple of prior blogs that explain more indept.
Good luck! You will enjoy working with them.
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