After putting a short sale into contract just a few weeks ago, I was pleased to get a call for the broker price opinion just yesterday. For the uninitiated, a broker price opinion is part of the short sale approval process and I have waited months in some cases for one to be ordered. It is the banks way of ensuring that they are getting fair market value for the home in exchange for a lower payoff than the mortgage balance.
Good news, right?
The agent doing the BPO had a familiar name, so after meeting her, I looked her up. She lists a fair number of bank-owned foreclosures. And yes, she lists foreclosures for the lender we are negotiating our short sale with. Am I cynical to wonder why she’d do an honest BPO when she has the power to tank our sale and get the listing herself at foreclosure?
Fifty bucks, or a foreclosure listing. Hmmm. Am I being paranoid?