Question
Does anybody know what happens after a BPO is done in a short sale transaction?
BPO = "Broker Price Opinion." A lender may request that homeowners with delinquent mortgage payments have this done in a short sale transaction. The lender will pay a real estate broker to complete a BPO on the property in order to get an appraisal value for it.
3 weeks ago - 1 answers
Best Answer
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Yes. The BPO is performed (similar to an actual appraisal) so that the lender knows the approximate current market value of the property. After receipt of the BPO, the lender will decide whether to grant permission for the short sale, based upon property value and borrower income and financial status. As well, a minimum price for sale will be determined based upon the BPO results.
by acermill
3 weeks ago
Asker's Rating: 