Looking to buy or sell a Foreclosure or Short Sale property?
RE/MAX DISTINCTIVE can help!
We have agents that are certified to help with the process. Any REALTOR® can help buy or sell a home, but when you have an agent who is certified in these areas, they are more knowledgeable and can navigate the language that is sometimes hard to understand. Let one of our Certified Foreclosure and Short Sale agents help you get started with the process to make it as smooth as possible.
Call 256-882-2223 to speak with an agent.
Broker’s Price Opinion (BPO)
Lenders generally hire local real estate brokers or appraisers to evaluate properties in the foreclosure process prior to selling them at public auction. These are referred to as a Broker’s Price Opinion (BPO).
Essentially, a Realtor® — based on the condition of the home and current market conditions — provides the lender with an estimate for the value of the property. The BPO is the key piece of information that a lender will rely on to make a decision regarding a short sale.
The lower the estimate, the better it is for you.
Lenders want to get rid of distressed properties as soon as possible, but they aren’t going to sell them for ridiculously low prices Many short sales, in fact, fall through if the BPOs come in too high. When properties are in good condition, it is hard to convince lenders that they are worth much less than the appraised values.
Short Sale Negotiation
Negotiation through the loss mitigation department will be the key factor in getting your new
home at a deep discount.
If opportunities emerge in which lenders can sell distressed properties without registering big losses, they will do it.
For example, consider that a homeowner with a $200,000 mortgage is late on his or her loan payments and is facing foreclosure. With the consent of the homeowner, you offer his or her lender $150,000 as full payment for the loan, which is accepted. That means you instantly save $50,000 on a real estate investment.
This is a short sale.
Please complete the form below for a foreclosure list and someone will get back to you as quickly as possible.