I'm having a hard time with SLS, who sent out an appraiser on my SS, instead of a BPO agent. Value came in 12K higher than offer. Buyer came up 2K max so we are 10K away from what bank wants, which is definitely over market value. Bank says I can do my own BPO. I am not comfortable doing one if I've never done one (plugging in +/-). We also have to try to get settlements down below 10% of purchase price and SLS is saying they'll only offer Real Time Resolutions 3K, while RTR says they refuse to go less than 8K. SLS negotiator told me to tell RTR that he will stop the whole deal, and that 3K is "all he's getting!". He was very aggressive about it and told me RTR plays hardball but that he has closed plenty of deals with them, and that its a bluff. I'm just now ready to send in the paperwork to RTR, as the reps there initially told me not to send them in until I got approval from the 1st mortgage, yet now RTR guy who claims he's a negotiator says "that's wrong. Send it now". How does one go about it when bank 1 says bank 2 can only have X and bank 2 refuses? Thanks in advance for any advice, including the issue of whether the listing agent should be forced to do their own BPO to dispute the original appraisal.

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What is the purchase price? Who is the investor on the 1st note? RTR always plays hardball and many times contributions are needed to get the transaction completed. With escalating you may be able to get RTR down.

Depending on the investor guidelines contributions may be allowed to cover the gap between what the 1st will allow to subordinate liens and what the subordinate liens are requesting. For a value dispute an agent can typically complete a CMA with 3 comps sold and 3 comps listed along with providing other supporting documentation such as bids, photos, etc from licensed professionals or an appraisal is an option as well.

Sounds like your offer is pretty much inline with the 1st liens value. Have you escalated at SLS? Does the investor have a minimum NET?

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I have had the same problem with other lenders.  I always ended up doing my own BPO and most of the time the lender orders another appraisal.  Sometimes you have to be agreesive with the 2nd lien holder because the fact remains if the property goes to trustee sale the 2nd lien holder gets nothing.  I have found that if you tell them enough times they will get the idea.  Most lenders have a set amount they will allow for the 2nd lien and there is not much you can do about it.  You have to negotiate the 2nd lien before you get approval from the 1st mortgage holder.  If you don't you end up negotating the 2nd and holding up the closing.  I have been there before. 

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