Short Sale Broker Price Opinions

In case you are an investor or realtor specializing in short sales here are some useful hints to preparing the BPO (Broker Price Opinion). All Sold Comps should be less than 6 months old, of similar size and in similar condition and located within 1-mile radius of subject. According to the instructions found with the Fannie Mae BPO form all line item adjustments should not exceed 10% of the sold or list price of the comp. Total Net Adjustments should not exceep 15% of the sold or list price of the comp; and the Total Adjusted Sales Price should not exceed 25% of the sold or list price of the comp. I don't do adjustments because I am not a licensed appraiser (just trying to lower liability issues). Repairs should be estimated and itemized to bring the subject property from its present "as is" condition to average marketable condition for the neighborhood. Do not include repairs needd to bring the property into a rehabbed condition (new carpet & paint throughout) unless all comps hve been completely rehabbed.

The "as is" and "as repaired" values should reflect a 90 to 120 day marketing period regardless of the normal marketing time in the area. (If the normal marketing period in the area exceeds 90 to 120 days, values should be adjusted down. If the normal marketing period in the area is less than 90 to 120 days, values should be adjusted accordingly). These instructions were summarized from the Fannie Mae BPO website. If you want to read them all, Google Fannie Mae BPO.

I am a realtor who invests in short sale properties. I primarily work with realtors. I have a method I use for realtors that makes them more money than they can on their own selling short sales and I take all of the hard work and do it myself. Anyone in the Albuquerque NM area interested in learning more about my process, feel free to contact me and I will buy you a cup of coffee or lunch and explain the entire process.