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Category Archive for 'Short Sale'

Master the Short Sale BPO

The BPO is the most critical step in the short sale process. It will determine whether or not the lender will allow a payoff that is low enough for a buyer to accept. Here we take up the short sale process at this critical point.

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Bank of America will collect all of the information it needs from the listing agent and the seller. It will assign a negotiator and complete the process as follows:

Contact an agent to complete a BPO.
Review the documentation and request missing pieces of information
Order internal payoff numbers
Issue a counter offer
Send the file to MI and / or the investor
Accept, counter or reject the short sale
Notify the agent of the outcome

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Under the revised policy, FHA will require purchasers to be financially capable of handling the mortgage, and underwriters will look hard at appraisals. But the agency no longer will rule out insuring a mortgage simply because title to the property had changed hands within the previous three months.

Investors and property disposition firms who work with lenders’ “REO” departments can play key roles in returning abandoned and damaged houses back to productive use.

But without dependable financial takeouts — affordable mortgages for buyers whose credit histories may be imperfect — their jobs are much tougher.

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