I specialize in short sales in metropolitan Atlanta, GA which is one of the largest foreclosure markets in the country. I have good success with most lenders stopping the foreclosure (GA is a non-judical 28 day process state). Unfortunately, they will not accept less than 85% of the BPO which is not enough of a spread to make the deals attractive.

Time and time again, I have seen the same property they refused my 75% offer pop back up as a REO 30 days later at 65% of the BPO. I make mutiple offers and include current info on the specific market and the distressed condition of the homeowner. What can I do to get them to accept a lower percentage so that I can make a few bucks and pass on a good deal to a retail buyer. I have enough house in my buy and hold pipeline. Wholesaling short sales has become completely out of the question because of the Sales price to ARV.

Please Help!

great call. really want to watch the replay again. Thanks.

Pelham,

The problem you described is not uncommon. What you need to do is to learn how to “manage” the BPO appointment. We’ve found that by helping the BPO agent do the prep work . . . with real numbers that accurately reflect the market, we achieve a high rate of BPOs that come in where we need them. Agents are doing a dozen or so BPO appointments a day . . . how much time do you think they spend thinking about each one? We ask them to stop and think . . . it’s not science, nor is it a silver bullet, but it has allowed us to build a successful short sale business for the past five years.