Disputing a BPO Value with GMAC

I have been working with GMAC on a short sale for a few months, but am up against a foreclosure sale date of 12/28/10.  Their BPO came in at $180K and that is where they are countering the Buyer.  The problem is that the homes currently under contract and for sale listings are at about $155K-$159K for this exact model within less than 1/2 mile of this property (some on the same street!). 

 

I sent a message to my negotiator through Equator and also copied this to his manager (whose inbox is full).  I supplied comparables and an explanation as to what has been going on in the market.  The BPO was done two months ago but they used earlier comps.  Last summer the homes were selling at $180K, but that is how fast our market is dropping.  The negotiator is completely unresponsive to both email and voice mail.  At this point I typically call the CEO's office or another similar department. 

 

Does anyone have a name and number that I could call to escalate this?  Also, any feedback on GMAC's policy on disputing a BPO value would be helpful.  The negotiator seems willing to just let this go to foreclosure.  :( 

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Replies to This Discussion

Permalink Reply by Jim Schneider on January 11, 2011 at 8:25am

Robin,

this isn't specific to GMAC, but you will want to be on message with closed comps. Although bpo's do take active listings into account, they place much greater emphasis on sold comps. You will likely get further siting more recent sold comps and/or asking for the previous bpo to be adjusted downward due to market decline, then show evidence that the market has declined. Take a look at the suggestions in the bpo section, those may help.

 

 

Jim Schneider

Chicago Broker

Permalink Reply by The Negotiator on February 11, 2011 at 7:48am
Looks like they did the BPO when you started the short sale process, am I right? Right then and there you should have argued the value. ALWAYS argue the value, even if is 20k less than fair market because it gives that lender negotiator the feeling that "you" are not a push over. Plus, right from the start you show your fierce attitude and "I know what I'm doing and don't take no crap" prowess.  Good luck

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