I’m out at the World Short Sale Main Event with Josh Cantwell and Jeff Watson, America’s Top Short Sale Lawyer, and I have learned a ton of new cutting edge info. I met a guy named Dean Edelson as he was speaking on stage and he is so smooth and polished when it comes to negotiating with loss mitigators. I pulled him aside and asked him to share some of his tips regarding how to overcome outrageous BPOs the banks get from BPO agents that often have zero knowledge of the area where the property is. This can crush you deal and create some serious problems so check out this video on how to overcome it.
Transactional Funding – Tips on negotiating the BPO
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#1 by Kevin at January 31st, 2010
Jason,
More great content as always. It amazes me, everyone knows these issues are part of the norm, including the lenders, yet they still continue to operate the same way. IMHO, Lenders should bite the bullet and get full appraisals done, some of the same problems will still be there but at least they would be performed by competent professionals with credentials, experience and training!!
The upfront costs would be more but I have to believe getting the value right to begin with would save them more money in the long run.
I actually had an agent who’s license was “on layaway” with less than a years experience perform an interior BPO on one of our shorts and of course the value is way off. These management companies and lenders will hire anyone with a pulse, it’s ridiculous.
Keep doing your thang bro!
#2 by Marsha at January 31st, 2010
Jason,
Thanks for always making sure that we are on the cutting edge of all the great news. You are the best when it comes to sharing the necessary things we need to know. Thanks for these great tips that will help us to make more money and get more deals closed.