Orlando Short Sale Expert | Orlando Short Sales, Orlando Short Sale Realtor / Agent

Fannie Mae recently established a 2-year elapsed period for reestablishing

credit for homeowners who sell their homes through a short sale. Two years may seem like a long time to wait before being able to get a new loan, but compare this to what happens if the homeowner goes through the foreclosure process. According to the Fannie Mae guidelines, effective May 31, 2008, a homeowner who has filed a foreclosure will be “ineligible” for a loan for five years.

YES! I said  FIVE YEARS!

Two years or five years…? That’s something definitely worth considering.

To view the Fannie Mae new Guidelines click below

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0816.pdf

BPO stands for Broker’s Price Opinion. The term Broker’s Price Opinion (BPO) is a method that a Real Estate Broker (or an agent acting on behalf of their employing broker) uses to estimate the value of a Real Estate property/house. The estimate of value is submitted in a BPO report (2-3 pages) that includes local Orlando Real Estate market information, neighborhood analysis, and (comps) properties that compare to the (subject) house that is being valued. This method of estimating a value has similarities to a Certified Market Analysis CMA and a residential Real Estate appraisal.

Performing a BPO, in the BPO industry, means that a Real Estate Professional (agent, broker, or appraiser) is requested by a financial institution to submit an estimate of value for a property in a BPO report for a fee. A financial institution may order a BPO for the following situations:

• home equity lines of credit
• home equity loans
• requests to remove PMI – Private Mortgage Insurance
• REO/Foreclosures/Short Sale
• Any other reason that a bank/lender needs to make a financial decision on a property

BPO Process

1. A bank receives an application for a Home Equity Loan, Home Equity Line of Credit, request to remove PMI etc… The loan officer must determine the value of the home.
2. The bank contacts a BPO Company for a BPO (they may order multiple BPOs for comparison) on the property in question. A due date is established for the BPO (usually within a week).
3. The BPO Company maintains a list of Real Estate Professionals that perform BPOs. The BPO Company contacts a Real Estate Professional on their list to perform the BPO. The Real Estate Professional’s due date is a few days before the final BPO is due.
4. The Real Estate Professional contacts the homeowner to schedule an inspection of the home or property (if an interior inspection is required).
5. The Real Estate Professional physically inspects the home/property.
6. The Real Estate Professional gathers Real Estate market information and compiles the information to determine a valuation.
7. The Real Estate Professional submits the finished BPO to the BPO Company.
8. The BPO Company conducts a quality review of the BPO.
9. The BPO Company submits the final BPO to the Bank/Lender.
10. The BPO Company pays the Real Estate Professional.
11. The Bank/Lender pays the BPO Company.
12. The Bank/Lender makes a financial decision based on the opinion of value contained in the BPO.

Orlando Real Estate, Orlando Homes For Sale, Windermere Fl real estate, Winter Garden Fl. Real estate,
 

****************************************************************************************** 

Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit www.JerrySellsOrlando.com for your real estate needs.  Please give me a call if you have questions about the Orlando and Central Florida real estate market.

P.S. If you are listing your home as a short sale in Orange County Florida and Orlando, Windermere, Winter Garden,  or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 407-580-7011 to find out more about Orange County Short Sales and Orlando Area Short Sales.