• Bank of America
• Wells Fargo
• GMAC
• ASC
• BSI Financial Services
• Nationstar Mortgage

GMAC Short Sale and the BPO

The thing that really stood out to me with working with the GMAC Short Sale Department was the fact that once a initiated my short sale in equator, they immediately ordered a BPO… Even before I had an offer. Doing this is pretty rare in a short sle, most banks want to wait until we get an offer before they ordered a BPO.

Once a BPO is completed, this particular negotiator with GMAC was very awesome and very proactive in the way that she worked this particular file. She came back and told me what the BPO value came in at and told me where I needed to bring an offer.

I was able to procure a very solid offer right at the price that the BPO came in at. After I got the offer uploaded into equator it was within a couple weeks I got an email from the negotiator stating that everything looked fine on the file and that she was going to submit the file to the investor for approval… this coming roughly 30 days after I took a short sale offer and got the prop property listed.

Big Thumbs-up to the GMAC Short Sale Department

So to wrap this up… It’s very rare for me to sit here and talk good about particular bank with working with the short sales. In our past experience, most these banks are very slow and non-proactive in their approach. Big thank you to GMAC for realizing that a short sale is a much better route to go through than foreclosure.

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What are they looking for with a BPO?

One thing the lender/servicer is looking to verify is if the property is vacant or occupied… Second, and most importantly, they look to determine their opinion of value to give the bank. The bank is making sure that the offer that they are reviewing is within “market value”.

Take a look at the video that was done by Crystal Nicely of The Melville Team on Termites in Arizona.

Click here to view the embedded video.

Pictures of Termites in Arizona

Removal of Termites in Arizona

Short Sale Hardship Letter Example

We include a copy of a “sample” Short Sale Hardship Letter in our short sale package that we have our clients complete prior entering into negotiations with your lender.

Possible Short Sale Hardship Letter Reasons

Below are a few of the various hardships you or someone you know may be facing.

Divorce
Loss of Job
Job Transfer
Death of Spouse
Military Duties

Importance of the Short Sale Hardship Letter

Although “most” lenders do not spend too much time reviewing the Short Sale Hardship Letter, they do indeed require it. In our Short Sale experience, we have noticed more and more lenders basing a lot of their requests for either a cash contribution or for the seller to sign a promissory note at closing. We urge all of our clients to spend sometime on the Short Sale Hardship Letter, but not to go into great detail about the situation.

Download an example Short Sale Hardship Letter