Matt Kofsky

I was recently assigned an interior BPO. I called the homeowner to make an appointment. She told me it was a loan modification. We agreed to meet at 4:30. About 3:00 I received a phone call from her lender. She was not comfortable having someone come into her house and take pictures. The appointment was canceled. I emailed the story and said that access was denied.

Somewhere, there is an assistant with 5,000 loan modifications on his desk. His job is to make sure that each package is complete. If it is, he forwards it to his boss, who reviews it. For this one, he will see the missing BPO. He will send an email asking "What is the status of the BPO?" and put the package at the bottom of the stack. Sometime next week or when someone asks about it, it will work its way back to the top of the stack. He will note the missing BPO and send another email.

I have seen several blogs where a real estate agent describes a deal that the bank turned down. Some seem outrageous. Basically for the bank, it is simple economics. If I do a loan modification, I get A dollars. If I do a short sale, I get B dollars. If I foreclose, I get C dollars. The government is contributing money to the various options and guaranteeing some/part of the loans. Mortgage insurance is another factor. The investor is making the decision based on the total dollar amounts from the various options. Whichever one is greater, A, B, or C will be the investors choice.

I just saw this in the comments section of a property.

"No financing available. Cash only. Purchase this property for as little as 3% down. This property is approved for Special bank owner mortgage and Renovation Mortgage financing."

Do you take all REO listings? That is what I have done and I think it is hurting my business. My recently closed on a condo for $45,000. 2% commission. My broker took his share and my partner and I split the rest. This condo needed painting, new carpet, etc. We haven't been reimbursed for our expenses yet, over $4,000. This company uses a title company from the other side of the state and doesn't know local rules, extra work for us. I estimate we have 40-50 hours of work on this deal.

I have 2 more of these in escrow and company just assigned us a new one. Any input would be greatly appreciated.