The #1 Problem w/Short Sales, & How To Fix It!

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Hey everybody, I have had a ton of people asking me “Kris, why aren’t my short sales working?” and I have to break down what they are doing wrong, etc… The reality of it is that almost EVERYONE is doing the same thing.

THEY ARE NOT DOING THE BPO RIGHT!!!

Here are a few things that I do on my personal deals that seems to work quite well for me:

-I have my Realtor drop the listing price to around the value I am trying to get on the property, and print out a tangible copy of the listing to have right on top. This almost tells the BPO agent subconsciously what the home is worth. Additionally, I have about a half dozen comps, and my prop is the second to highest.

-I have my assistant (you can do this on your own) put together a REO sheet which will show all the local REO’s in the area (which are great comps) and also will help the value decrease if the BPO agent can see what WILL HAPPEN if the bank takes it back.

-I will have a detailed repair sheet with an estimate of all cosmetic and structural repairs. This is typically not a BPO agents forte, so how can they argue with you?

-I also will add into the BPO package the local crime rate (look for recent events that will have a wow factor) and a list of sexual predators (I know, I know, but it is reality) in the immediate area. This actually works well with most agents because the outcome is astounding, and they can understand that these results could prevent the homeowner from getting a lot of offers!

-I include 2 other items as well- a copy of the hardship letter from the homeowner so that the BPO agent realizes the harshness of the situation, and TWO contracts! The higher offer is ours, and the lower is a “back up.” This way it would seem as if our offer is the highest and best.

Categories : Training

1 Comments

1

That was a great post. It makes it easy to see why you have better success with your short sales. Getting the right BPO price is crucial.

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