You Are The Professional, The Bank Will Listen
Recalling a short sale that Kevin and Fred closed in Mesa, Arizona, Kevin and Fred would like to share an unforgettable moment from their saga together that pertains to the BPO or BPOs as the instance may be.
Now to place the scene, this residence had 2 loans totaling 1.4 million dollars and the purchase price was $550,000, and this was in 2008! The first 2 BPO’s and the first appraisal came in around $900,000, still way to lofty Kevin and Fred’s taste. The third BPO came closer to Kevin and Fred’s price with a judgment of $600,000.
Then, on the date of foreclosure sale, a second appraisal came in around $560,000, which finally and obviously supported our offer number.
The factor that you should observe is that the bank ordered FIVE various evaluations and only one of those evaluations supported our offer. Nonetheless, the bank still accepted it. The banks do not want to foreclose. Just look at this example! Four evaluations that say that we are wrong, and one that says we are correct. The bank chose to believe the one evaluation that supported our proposal.
The bank postponed the foreclosure sale numerous times. The bank ordered several BPO’s. The bank ordered multiple appraisals. Isn’t it somewhat evident that the bank is searching for a reason to accept the offer.
As real estate specialists, it is in your hands. You understand the fair market value of a residence much better than a bank. Trust in your own expertise.
If you have questions, get your Short Sale questions answered by Short Sale Specialists.
Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour
Also, follow Group 46:10 on their blog at Avondale – Arizona Short Sale Specialist
For more videos on short sales check out Kevin and Fred on the Short Sale Power Hour. Video for Short Sale Specialists.


Fred Weaver is a founding co-owner of Group 46:10. He has been working in the financing/real estate business for over 7 years. Fred began his real estate career by working for a large wholesale bank as a processor and rate/lock specialist for home mortgages. After 2 years in the business, Fred transferred from the banking side of home loans to the mortgage side. While on the mortgage side of financing, Fred gained experience originating mortgages and processing files for Morgan Capital of Arizona, Inc.
Kevin is a founding co-owner of Group 46:10. He began working in the real estate business in 2007 after spending 8 years working in the finance industry for companies such as Bank One, Green Tree Financial, & GE Capital.