One of the biggest complaints that real estate brokers who work on Short Sales have is that there are frequently disputes over estimated value of properties. This is often the cause of failure for many short sales transactions when the lender who is considering if they’re going to accept the short sale thinks the property is worth much more than the sale amount. This is usually due to a person called a BPO agent (broker price opinion) coming up with a valuation that is way off what the listing agent has priced the property at for sale.
According to the National Association of REALTORS (NAR) website, there are some new provisions for HAFA and this one is addressed. Per their site, ”
This is going to be a wonderful thing for everyone involved in these sales if it gets put into place and lenders follow it.
