SPS is fast. I'll give that to them, but overall so far I'm in shock. DRIVE BY BPO in September came in on my property at $330,000. I got an offer at $130,000 due to the subject property next door being 5 units (mine is 4) and on the market for over two years without an offe for $130,000.. Finally expired because there is no parking and a water line issue between both properties. Buyer ordered appraisal and SPS ordered new BPO last week. Appraisal came in at $195000 and the BPO WHO WAS THE SAME AGENT THAT DID THE DRIVE BY IN SEPTEMBER, came in at $225,000.
Auction is in one week.
I called SPS and they ordered a variance where they re-evaluate the subject property. The buyer, in light of the appraisal upped their offer to $175,000 as there is a TON of work that needs to be done, encroachment issues(hangs over 5 ft onto the next property line), a water line that runs under my property that feeds the next door neighbors, mold, illegal unit blah blah, I could go on.
SPS came back today and said their VALUATION IS $280,000 after the variance came back because the first DRIVE BY BPO was $330,000!!!!!!!!!!!!! WHAT????????? It was a drive by and the SAME AGENT valued it at $225,000 last week. The BPO agent is not from the area and I still think they did a pretty good job when they got on the inside. The appraiser got even MORE detailed.
So all this info was submitted to SPS. I'm at a loss at why they think it's valued at $280,000. We asked them to order another BPO and to review the information carefully.
Investor is Deutche. I'm just not sure what else to do here.
The short sale department said they would send everything back to the variance department to review, but that's where I'm at.
Have you ever heard them value a property $50,000 MORE than the BPO?? oh, AND appraisal??
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