Will Greentree ignore their expired BPO???

Does anyone know if Greentree will ignore their original BPO (which was at a ludicrous value) after it expires and they obtain a new one?   It is a FHLMC loan and this poor guy really needs a break and to get out of this loan!!!!  Do they get simply rely on the new BPO when assessing the new offer? 

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Permalink Reply by Gustavo on September 5, 2012 at 5:06am

Greg if the BPO has expired banks will usually issue for a new one to be done ask for it, remember, if you feel the BPO is too high for the area of subject property you can alway dispute the BPO/Appraisal. Most banks will request 3-6 recently sold comps but make sure and ask the negotiator or short sale dept. Good Luck. 

Permalink Reply by Gregory Holmes on September 5, 2012 at 5:50am

Yes I disputed it with a complete set of comps and logical well laid out argument and their response was they are "holding firm."  I plan to ask for a new one to be ordered, hopefully from a more qualified agent, but am concerned that the old one will still come into play - have any idea?

Permalink Reply by Gustavo on September 5, 2012 at 5:59am

Assuming that the negotiator sent your comps to the investor and the investor came back with "holding firm" than there is so much a negotiator can do, if for some reason a negotiator tells you a dispute cannot be done, it takes around 7-10 business days for a dispute to be reviewd, get their manager's info and they will usually reconsider.

 

As for the BPO, if its been over 3 months and has expired yes ask for a new one and usually it is done.

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