Many times banks ask that a BPO is done to make sure the listing agent priced the home for sale correctly and that the offer for the Sacramento short sale is an offer for the actual value of the home. A BPO is done by a real estate Broker or other qualified person and the bank pays them a minimal fee for this service.
I received a call tonight from a real estate agent in the Bay Area who was asked by the Wells Fargo to give their price opinion on one of my Sacramento short sales in Carmichael. What a shock!
I can’t imagine going to Walnut Creek which is where I lived for 35 years and determining value today on a short sale home for sale. So, it boggles my mind that a Bay Area agent will be traveling to Carmichael in Sacramento to say whether or not I have priced a home correctly and that the buyer’s offer is appropriately priced.
Good lord, it’s not as though Sacramento doesn’t have real estate Brokers and agents galore who would be qualified to perform a BPO in Carmichael. As a short sale agent, the banks never cease to amaze me.
There are so many inadequacies the banks have within the Sacramento short sale process. Unless and until the public stands up and says ENOUGH, get your act together…this will continue. The same is true for the timeline these banks take to approve short sales. Home buyers and current homeowners need to have their voices heard before banks will change.
I am continually reminded of the fact that for many years the National Association of Realtors has paid lobbyists to fight banks from wanting to control real estate. If these current years in real estate don’t speak volumes as to WHY banks should NEVER be in real estate, I don’t know what would.
We better all hope that Banks don’t win and take over real estate…or have they? Check out the video for 60 minutes, The next Housing Shock that I don’t seem to be able to show on my blogsite.
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