Just spoke with a Bank of America negotiator today who's in Delaware. She says many changes are coming, one of them, no more BPOs or appraisals....they are moving into using AVA or AVM (like Zillow). Can you imagine how that will screw things up> no actual human being looking at our listings...?
Also, have you noticed on Equator you can't just upload docs to the library, you now have to speak with the negotiator and spew lots of info including monthly expenses in order to "qualify" for the appraisal...
B of A used to be the easiest approval letter to get for me...geting a little worried here.
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As ALWAYS, find out who the Investor is, and, SPEAK TO THEM....they make the decisions, NOT B of A unless teh loan is a portolio loan, or "HFI" held for investment.
No more BPO's - would not sruprise me, remember, B of A is the LARGEST LOAN SERVIER IN TE COUNTRY, they get paid to service loans, NOT to close short sales!!!
Keep fighting guys!!!!
this is SCARY, there is an 18% variable in teh home we currently live in.
I know B of A also uses this company for valuations and AVM confidence scores:
http://www.lpsvcs.com/LossMit/Valuations/Pages/default.aspx
I think that is a great idea, Appraiser's and or Real Estate Brokers are who screw up short sales. Bank know what they are doing. It's Real Estate Agents that have the lack of knowledge.
This will speed up time and know you will be able to use your own AVM, by they way, if you were not doing in the past, my point to why Agent are who screw up short deal.
Embrace what is coming and work with it, it's not that bad.
Hello Jeff,
Don't struggle with it, use your own, it's the same info.
Jeff Payne said:
Bank of America has an AVM that they have used from time to time. I tried to find the link, http://www.bankofamerica.com/modular/index.cfm?template=hc_home_wor...=
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