For those of you not familiar with the lingo, a BPO is an estimate of value, like an appraisal, but is performed by real estate agents. At the higher prices, frequently no house showings occur; i.e., nobody is interested. For the short sale investors who understand how to “play the game”, they get 1 out of 2 deals approved and their are some really good investors that are hitting 90% approvals. They start the price at the highest value that might work and then start dropping the price some set amount (typically $5K- $10K) per [...]
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