|
|
|
|
Every mortgage has guidelines for a short sale or
loan modification.
Knowing the options contained in the guidelines is the
first important step. |
|
|
The mortgage service company that collects your mortgage
payment each month works only for the owner of your
mortgage loan. Most of the time the mortgage
service company does not own your mortgage but acts as a
collection agent for the real owner of your mortgage
loan.
|
|
|
|
|
|
BPO - Broker Price Opinion |
|
|
A broker price opinion of a residential property is prepared by
a local, licensed real estate professional. Locally
licensed real estate professionals are used because they know
the local real estate market trends. The report combines
information from a drive-by exterior examination, external data
sources, previous sale data, property assessment data, recent
comparable sales and current neighborhood listings. The
report generally is several pages in length. It also
includes an inspection and photographs of the interior of
the subject property.
The standard BPO guideline follows the Freddie Mac and Fannie
Mae valuations guidelines.
A broker price opinion includes an estimate of the present
fair market value of a residential property. This method
of estimating a present fair market value has similarities to a
Certified Market Analysis CMA and a residential Real Estate
appraisal. It generally includes:
- An estimate of repairs, if necessary.
- Neighborhood information.
- Value estimate (90, 120, 180 day marketing time for "as
is" and "as repaired" values).
- A description of comparable properties including a front
exterior photograph
- Exterior photographs of the subject property and the
street scene. There are generally photographs of all sides
of the property and all the front and rear of the property.
- Interior photographs of the subject property including
all rooms, bathrooms, garage, equipment, appliances, damage.
- MLS sheet of the subject property and comparable
properties.
|
|
|
|
|
