Anyone heard of a ss lender ordering a retro appraisal based on 2006 values? Why would they do that?

Why on earth would a lender order a "retro appraisal" for 2006 values?  This lender kept countering back at $40K more than the fair offer we have.  We kept asking if they had more land included in their value.  After wasting a few weeks, they finally did check.  I kept reminding them that the mortgage only encumbered one lot and the contract was including two lots.  The seller owned more land than just the two lots, too.  This is also one of those BOA Equator mystery decline files that we have to initiate, again, just before we were due to receive an approval letter.  Now, they informed us that their BPO was based on three lots.  Still waiting on their completion of their new BPO review.  But, it is alarming to hear that they just ordered this retro appraisal.  Any ideas?  Is this good or another bad turn for this file?

Views: 470

Reply to This

Replies to This Discussion

I believe a retro bpo is the same as an 'historical bpo'....of which I've done.  Usually a lender looking at comparables in the past....confirming prior value.  Hope that helps.  Oh, in my neck of the woods, additional lot size isn't extrapolating a lot more value in this soft/market.  Tough times. OMG! 

 

I have to update you on this file.  We now have short sale approval.  New BPO, new Buyer, new process as we had to re-initiate.  Seller still qualified for HAFA.  We are due to close the middle of this month - they even gave us an extension for the Buyer's FHA loan.  We were initially concerned when we found a new AOM of record whereas they added two lots to the legal description, but that doesn't add more property to the mortgage that the AOM attaches.  These "toughies" just make you appreciate the closing even more!

 

BTW:  lovin' the new BOA procedures, so far.  It's a lot of work getting all of the items prior to initiation but gives the Seller more motivation to provide the docs as you simply cannot initiate without them.  Personally, I have had several frustrating times with BOA, but when I consider how many BOA short sales that we do, it isn't bad and they seem proactive in working diligently to improve their process to minimize the amount of time.

New update:  this file closed last week! : )

RSS

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************