Читать книгу Magic BPO Success Secrets - Cory Ph.D Boatright - Страница 11

Here is the “skinny“ on the different loans types and how they affect your short sale. When you learn these, you can increase your closing rate for lender accepting your short sale by as much as 50%! Here's why. When you know more about any property it provides you better leveraging and ultimately negotiation strategies to target. Not all short sales are created equal.

Here’s why:

* Conventional loans These loans are found all over the place. They provide the most flexibility especially dealing with short sales. Using the $100,000 example, you might start out your offer submitting 60% x 100,000 (FMV) = $60,000... The $60,000 is actually 70% of the BPO Price. However it is very common to see the lender accepting around 80-85% of the BPO price, which would be around $68,000 - $72,250.

This model can fluctuate a little bit, but this is a common average. The BPO (value opinion also considered the PERCEIVED value of the property) to the lender is the MAIN VALUE FACTOR. Therefore in this example if you thought the BPO was going to come in around $65,000 ... You would take 82% of THAT number, which would be $53,300. The lender may very well accept $53,300 based on their perception of the value of the property.

* FHA loan: This isn’t a scientific grading scale. It should only be used as a guideline. You can and will

have other factors that make you stray from this. If you are dealing with an FHA type loan or any government backed loan, they are going to recoup a set amount if the foreclosure is completed. For example with FHA loans, the insurer will basically guarantee the lender *82% of an FHA Certified Appraisal amount. Notice I did NOT write BPO amount. For these loan types you will need an FHA Certified Appraisal for the lender to consider in their evaluation process on the property. The BPO will not suffice on these types of loans. You can massage the numbers 1-2%, but *82% is listed in their guidelines.

*Note: The percentages are updated guidelines as of 1/15/09:

FHA requests:

Net 88% first 30 days a property is listed Net 86% for a property listed 31 - 60 days Net 84% for a property listed 61 - 90 days.

•All FHA loans are insured by the federal government.

•As long as the lender follows FHA guidelines, they are guaranteed to Net the percentages shown above for the “as is“ or appraised value.

•FHA-type loans will not use a BPO. Instead they will require an FHA Certified Appraisal. Use the same techniques on the FHA Appraisal that you would for a typical short sale deal.