SHORT SALES: What you need to know about a Buyer Purchase Opinion (BPO)
When you request the Law Offices of Rajtar and Associates, P.A., to assist you with a short sale, the lender most likely will order a BPO. A BPO (Brokers Price Opinion) is a process by which a realtor/appraiser is appointed by your lender, and that realtor will come out to evaluate the property and give his "opinion" on what the value of the property will likely sell for to the general public.
The lender’s realtor will come out to your property and it will be your job to influence the BPO to be as low as possible so that it can actually sell to the public. This is, of course, the whole key to a successful short sale with the Bank. It is for this reason that you want the lender to contact you, so you can meet the realtor at the front door and attempt to influence their BPO to be as low as possible. The first thing we recommend is to have a list of repairs and estimates for the property that must be accomplished. If you have a contractor for a job or repair, go get one that can provide the highest quote possible, as this is good evidence to support your contention as to the value of the repairs required for the property.
Another thing you might do is to show up with a list of comparison properties in the area that are low that you are able to locate. Usually Real Estate Agents will appreciate that you did some of the work needed for them to sell the property. Of course, as we want the property to be able to be sold for as little as possible, its best to provide them with the lowest comparison properties you can locate and then, they will decide if they want to use the those Comps or not. Usually, they’ll take them and review them later.
Renters Can Be Commanded to Pay Delinquent Association Maintenance Fees
Do you have tenants residing in your association where the owner is delinquent on Association Maintenance Fees, Late Fees, Interest or Special Assessments? Attorneys have tools to collect rent directly from the Renter and then apply the rents toward the delinquent amounts due to the Condominium or Homeowner’s Association.
With the Law Offices of Rajtar and Associates, P.A., we help associations with Delinquent Owners who receive money from their tenants, but as the Owners may have financial difficulty, or indeed, may be facing foreclosure, the Owner pockets the Rent; yet, the Association is left out in the cold as the Owner pockets the monies and doesn’t pay the association. Why would they? They know the bank is going to be getting the unit so they grab everything while they can. Here’s how the involvement of a law firm can help you:
The attorney requests the local court appoint a Receiver designated ONLY to collect rents from delinquent owners and/or their tenants. A receiver can be given permission by the Court to collect monies from all delinquent owners, even if the unit becomes delinquent at a later date. If the Owner does not pay, the Tenant is then brought into the picture.
The Tenant is notified they must now pay all rent monies to the Receiver. When the Receiver collects the rent, he disburses the funds to the Association’s attorneys. The attorneys then disburse the funds to the Association. The total turn-around time for payment of funds is usually less than 60 days.