5 BPO valuation Techniques That Must Lead to Approval

Having a pinpoint BPO value is a guarantee that you’ll have a successful short sale transaction.

A bold claim, right?

But if you know anything about a short sale, you’ll know that getting the ideal BPO value for your property is like having the most appealing property in the marketplace. Buyers will identify it and will easily purchase because the price matches the market value.

However, you don’t want a wrong BPO value. If it is too low, you may undersell, and if it’s too high, you may find it impossible to finalize any offer. As such, you may go back and forth in disputes, which is time-consuming and draining.

To avoid any stress that may accompany a flawed valuation, here are 5 proven techniques you can use to ensure you get flawless BPO valuations.

They are simple but very effective. We’ve tried them in countless situations and we’ve always come out on top.

#1 BPO Consultation Vs Regular showings

You must know the difference. When you do, you can easily approach them. Don’t mix up. You may lose a lot if you do.

If you have an appointment setter, make sure they find out from every agent if they should schedule a BPO appointment or regular showing.

If it’s BPO, make sure your appointment setter directs the call to you. It is important to set these up personally. They shouldn’t go past you. You’ll understand why subsequently.

#2 Diligently Prove Your Opinion

If you can prove your opinion of the property, you are one step closer to getting BPO approval. But, to do this, you’ll need to be very aware of the following;

• Your market and how it affects your listing with other comps
• Know the state of your property. If your property is in a bad state, you may need to do some renovations, doing so may be costly and increase the value of your property and likewise.
• Be aware of the comps your bank will use and make sure you prepare your BPO using the comps on your list.

#3 Build a Respectable Relationship with the BPO agent

It’s the simple things in life. Most people neglect them and keep complaining. Here’s how easy it is how you can build a good relationship with the BPO agent and leverage it.

• When they call, ensure you respond promptly and cordially.
• Ensure you schedule a meeting on the property as soon as possible.
• Make sure you address them by their first name if you know it.

#4 Leverage the Relationship you built with your BPO agent

If everything goes well, you may be on a first-name basis with your agent. This will make the BPO appointment smooth and hinge-free.

• Keep it cordial, don’t impose or tell them what to do. Let them do their job.
• Remember the BPO you prepared? At the end of this meeting, ensure that you hand it to your BPO agent.

#5 Follow up

You don’t want to come out as an opportunistic person. Do a subtle follow-up with your BPO agent so that they know how pleasant your time was with them.

If you follow these simple techniques, you’ll have a hinge-free BPO that’ll get approved.

However, if the BPO agent still gets it wrong (trust me, you can’t be effective with human beings) that’s where Bright Horizon may come in handy.

Our experts will help you tackle any disputes relating to BPO and we will help you get an appraisal that perfectly represents your property.