{"id":2257,"date":"2012-08-08T12:06:33","date_gmt":"2012-08-08T16:06:33","guid":{"rendered":"https:\/\/orlandorealtyconsultants.com\/?p=2257"},"modified":"2022-02-04T16:37:42","modified_gmt":"2022-02-04T16:37:42","slug":"who-decides-the-value-of-an-orlando-short-sale","status":"publish","type":"post","link":"https:\/\/orlandorealtyconsultants.com\/es\/who-decides-the-value-of-an-orlando-short-sale\/","title":{"rendered":"Who decides the value of an Orlando Short Sale?"},"content":{"rendered":"
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Are Orlando Short Sale properties being valued correctly?<\/h2>\n

The valuation of an Orlando short sale,<\/strong><\/a> as determined by the short sale lender, is probably the single most important factor of the transaction. The way it works is; we submit an offer\u00a0 to the bank, then the bank will order a BPO [Brokers price opinion] on the property. This person will usually be a local realtor that will go out and take photos of the property, record any damages that need repairing and after they put everything together they will complete their “BPO report” [their opinion of what the property is worth] to send to the short sale bank or the agency that hired them.<\/p>\n

At this point there are three things that can happen that will dictate what follows.<\/p>\n

1- The BPO comes in at a fair number that everyone is happy with and we proceed to closing.<\/p>\n

2- The BPO comes in too low and the bank insists on another one being\u00a0 done. I hate when this happens because the 2nd BPO will almost always come in too high.<\/p>\n

3- The BPO comes in so ridiculously high that the Orlando realtor<\/strong><\/a> has no choice but to insist that the short sale lender either order another BPO or walk away from the deal. [not on my watch]<\/p>\n

Getting the Orlando short sale lender to order another BPO<\/h3>\n

Like an attorney presenting his case in court, it’s all about what you can prove to the lender.<\/p>\n

We do this by preparing a report of our own called a CMA [comparative market analysis].<\/a> This report contains even more information than the BPO agent provided them with. Although reports can vary, from a two-page list of comparable home sales to a 50-page comprehensive guide, the length and complexity of the report depends on the Orlando realtor <\/strong>preparing it. What a CMA basically comes down to is a list of Active, Pending and Sold listings.<\/div>\n
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\u00a0Active Listings- Active listings are homes currently for sale. These listings matter only to the extent that they are your competition for buyers.<\/div>\n
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Pending Listings-Pending sale homes are formerly active listings that are under contract. They have not yet closed, so they are not yet a comparable sale.<\/p>\n

Sold Listings- These are homes that have closed within the past six months and are typically your best source for comparable sales.<\/p>\n

In addition to preparing a CMA for the short sale lender we provide them with a contractors estimate for repairs, lots of photos and a detailed letter explaining our case and why our offer is what it is.<\/p>\n<\/div>\n

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Here at Orlando Realty Consultants<\/strong> we take the Orlando short sale<\/strong> process very seriously because we know what’s at stake for everyone involved, especially the sellers that I am representing. I tell all my Orlando agents<\/strong> to treat these situations as if they were an attorney preparing for the case of a lifetime.<\/div>\n

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Jenny Zamora, RE Broker<\/p>\n

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Are Orlando Short Sale properties being valued correctly? The valuation of an Orlando short sale, as determined by the short sale lender, is probably the single most important factor of the transaction. The way it works is; we submit an offer\u00a0 to the bank, then the bank will order a BPO [Brokers price opinion] on […]<\/p>\n","protected":false},"author":4,"featured_media":21837,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[7,5,17],"tags":[138,81,10,12,14,15,139,70,20,57],"class_list":["post-2257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-orlando-real-estate","category-orlando-short-sales-2","tag-orlando-bpo-agents","tag-orlando-listing-agent","tag-orlando-real-estate-2","tag-orlando-realtors","tag-orlando-short-sale-expert-2","tag-orlando-short-sale-news","tag-orlando-short-sale-realtors","tag-orlando-short-sale-specialist","tag-stop-foreclosure-in-orlando","tag-top-orlando-realtors"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t