Foreclosure Comps
Submitted by marshall-homes on Fri, 05/02/2008 - 6:40pm.
Would foreclosure comparables from ForeclosureRadar be suitable for BPO's?
I've completed a few broker price opinions in my area and found that the MLS information was stale, inaccurate in some cases, and didn't reflect the true market activity. I personally feel that they would be acceptable and reflect the true market regardless of the listings that out of touch or oblivious to what's going on around them.
Comments:
Lenders typically do not want foreclosures included in BPO's despite the fact they do paint a much truer picture of the market. We recommend BPO practitioners continue to follow lender guidelines. However, you could include them as an attachment, and you absolutely should submit foreclosure comps together with all short sale & REO offers. Our customers seem to be having considerable success with this approach. Examples anyone?
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