The outcome of the BPO/Appraisal is literally what determines whether you have a deal or not! It is CRITICAL that you properly train and educate the listing agent before they meet the BPO Agent or appraiser. Jeff and I are working hard on FFP 2.0 and plan to release it at the end of next month! There will be an entire training module that will deal with that exclusively but in the meantime, I wanted to share something that works for me and will definitely help you as well.
Below is a literal copy/paste of the draft email my assistant sends to the listing agent when we get the BPO/appraisal order. Feel free to customize how you see fit and begin using immediately.
We have a saying…..“The deal LIVES or DIES with the results of the BPO!” That statement couldn’t be any more true!!!!!!
It is critical that you physically meet the BPO Agent/Appraiser at the property and bring the following:
- 3 LOWEST comps on record (please run a new report as the one sent in the beginning may be outdated and there could be new comps. Please send me a copy as well of what you find).
- List of repairs/Repair Estimate….physically point out defects while there
- Copy of hardship letter….explain the nature of the hardship and make sure they know this is a short sale/distressed situation
- Copy of Contract for sale and purchase showing our offer in with the bank….letting them know that this is the ONLY one you received (if in fact that is the case).
***If for any reason you are not able to meet them at the property, DO NOT just give them access, call us so that we can make alternate arrangements.
Let me know if you have any questions or concerns and please reply to confirm with the details of the BPO so that we can follow-up properly.