Step 6: ORDERING of BPO/APPRAISAL

Phone Script 4 –
Loss Mitigation Ordering
BPO or Appraisal /

Phone Script

Step 6: ORDERING OF BPO/APPRAISAL

(After verifying the homeowner’s information, and again assuming the file has been assigned by this point…Also, you could potentially be speaking to the assigned loss mitigator at this point as well.)

Rep: How can I help you?

You: I’m checking on the status of the short sale. Has a BPO been ordered yet?

(Depending on the lender, it might be an appraisal that is to be ordered. When checking to see if the BPO/Appraisal has been ordered, you will likely encounter one of three responses: 1.) the BPO/Appraisal may NOT have been ordered and the rep. won’t be in a position to do anything, 2.) the BPO/Appraisal may NOT have been ordered but the rep. may have the ability to order it themselves, or 3.) the BPO/Appraisal has already been ordered and you’ll need to wait for the BPO agent or appraiser to contact you.)

(If the lender is refusing to order the BPO/Appraisal….)

Rep: Sir, it looks like the offer was declined and the investor is requesting an offer closer to market value.

You: What about the BPO/Appraisal? Have they ordered one? Do they plan to?

Rep: No, they haven’t ordered one and it looks like they’re not planning to.

(Your response here can vary. Pick one of the best pieces of ammunition you have for the property and work to convince the rep to push for the BPO/Appraisal. Also, try to determine the value the lender has on file.)

You: Ok, well what value is on file? What is the “market value” that the investor is basing their decision on?

Rep: It looks like an appraisal was done two months ago on the property.

You: Ok, well you and I both know that that was likely a drive-by and won’t accurately reflect the value of the property. You need to get someone inside. Did you know that the roof is leaking and there’s water damage?

Rep: Sir, our value takes into account any repairs needed.

You: Ok, well the market is very slow right now also. Properties are typically on the market for 6 months. This is a very competitive offer and is the best that market will bear.

(Keep with it, keep pressing and giving facts for why the property’s true market value should be lower. Ask if there is anything else you can send to show the poor condition the property is in, i.e. repair estimates, pictures, neighborhood sales, etc.)

Rep: If you want to send repair estimates or pictures, feel free.

You: Ok, thank you, I will send those right away. Where do those need to be sent? Who’s attention should they be sent to?

(If the rep orders the BPO/Appraisal themselves…)

Rep: Let’s see, as of now the BPO has not been ordered, but I will go ahead and order it now. You should be contacted within ______days by an agent.

(Or the representative might respond with…..)

Rep: I see that the BPO was ordered on Tuesday so you should be contacted by a BPO agent/Appraiser within ______days.

You: Ok, thank you very much.

PS5-V2-01172016