As soon as you start researching a West Chester short sale the term BPO will inevitably come up, but many buyers don’t understand what a BPO is and why it is important for every West Chester short sale. A BPO stands for Broker’s Price Opinion. Lenders use a BPO for a West Chester short sale because most banks have headquarters in another state and are not equipped to fully understand the market all over the United States. They rely on people that understand the West Chester short sale market to help them to establish the true value on a home.
In order to establish a BPO on a West Chester short sale, the Realtor will visit the home. He or she will compare the home to similar homes in the area and take photos to help to establish the value of the home. There are two different kinds of BPO’s. The first is an interior BPO where the agent actually goes into the house to establish value. The second BPO is called a drive-by BPO where the agent looks at the exterior of the home alone.
If you are listing your home as a West Chester short sale, you want to make sure you are there when the BPO agent arrives. While you are there you can bring information about comparable homes that you have gathered. You can point out repairs and other issues with the house so that they can be figured into the value of the home. If you have any estimates of the cost of repairs, it is a good idea to bring them along. You can also discuss with the BPO agent your goals for pricing as well.
When you take an active role in establishing the value of your West Chester short sale, you can ensure the home will have the correct value. That will allow the home to be sold quicker and at a price the lender will accept.