As we discuss in this month’s newsletter, for the past several years BPO’s (Broker Price Opinion) have been the primary method that note servicers/note holders used to establish the short sale property’s market value. The servicer might have ordered a more expensive appraisal for FHA and higher priced properties, but most of the time it…
- Tag: Short Sale Appraisal
What Agents Say
Most all banks have an Arm’s Length Transaction requirement. The Buyer cannot be related to the Seller, be business associate or a close personal friend. There cannot be any side agreements between the Buyer and Seller regarding money, rental agreements or future options to purchase. Many banks have the parties sign affidavits or certification documents to that affect. Speak with one of the North Carolina short sale lawyers at Wilde Law Firm, PLLC today to confirm your short sale is an Arm’s Length Transaction.