During Short Sales banks use a type of appraisal called Broker Price Opinion (BPO). BPOs are not your typical appraisals that are utilized in underwrite a residential mortgage loan during a purchase or refinance. BPOs are used to determine some basic questions which includes the Quick Sale Value of a home.
Quick Sale Value of your Los Gatos home is a good indicator of how much your bank would collect if they were forced to sell a home to a cash investor who can close within 10-30 days. However, the banks will never share this BPO value with the homeowners.
So, it’s always smart for Homeowners to find another source of valuation and don’t allow the banks to hold ALL the cards. There are public websites that you can utilize to get some good estimates based on historical sales such as Trulia, or RedFin. But it’s much smarter to get a valuation developed using your local Realtor.
Your Realtor will be able to offer adjustments to the value of your Los Gatos home based on :
- Living Space & Floor Plan
- Lot Size
- School Districts
But you can turn the table on your banker and get a Free eBook from us your Los Gatos Home before you finalize your Short Sale negotiations.