Replies to This Discussion

Permalink Reply by Steve Early on January 18, 2011 at 5:16am

Hi Rita:

 

Whether it is AMHSI or some other lender, I don't think there is a better way to fight value than an independent appraisal by a licensed appraiser. It makes it more difficult for a lender to demand $260,000 for a house when someone else is telling them they would only advise a lender to loan out $240,000 on it. I think without an appraisal you'll have a hard time getting them to change their mind - it seems like they have already dismissed your comps as something they aren't going to consider.

 

Good luck with it!

Permalink Reply by Rita Fong on January 18, 2011 at 7:07am

Hi, Steve, thanks for your reply.  We may have to do it. 

 

Thanks again!

 

Rita

Permalink Reply by Kari A. Battaglia on January 18, 2011 at 9:03am

Rita,  I just got a high appraisal too and will be dealing with it today.  If I get any insight I will pass along.  Thanks Steve for your info, it may be helpful for me today as well.  Kari

Permalink Reply by Maya Thomas on January 18, 2011 at 12:36pm

I've gone through this with them a few times.  They have always given in. 

Permalink Reply by Rita Fong on January 18, 2011 at 2:57pm

Maya, how did you do it?  Do you wait and send the same com to them?  I want to see if there is another way to do it without doing another appraisal?

 

Thanks!

Rita

Permalink Reply by Smitty on January 18, 2011 at 5:31pm

Hi Rita,

We had an appraisal come in at $160,000 on a property we knew was worth about $90-$115,000.  We hired an appraiser and they went with the independent appraisal report.  It stinks to have to pay the money, but they accepted a counter offer with the paid appraisal and we should be closing next month.

Permalink Reply by Maya Thomas on January 19, 2011 at 7:07am

In every short sale I asked if the buyer could pay for a new appraisal.  They refused the request.  I explained the sold properties and why the appraisal was not accurate.  I asked if they would get a new appraisal or a new BPO.  The negotiators all refused all of my requests.  I explained that if they did not take this offer (I never send an offer to the bank that is not market value) that the bank would loose x# of dollars if they foreclosed and that we could not get a better offer because our current offer was market value.   In every case they initially refused every option I asked about.  I waited a few days to call back because although I'm patient, I get worn out and angry, so I take a break when I hit the brick wall.  Every negotiator agreed to order a BPO and finally approved the sale.

Permalink Reply by Lisa Marie Berry on March 6, 2011 at 10:52am

Was your negotiator Ben Garcia? That is exactly what they told us, our offer was well under appraised value???? We are still trying to get through it, however they are not making it easy, they will not look at our comps and want us to get our own appraisal.  Crazy, the property in questions has been on the market  6months no offers until we lowered the price.  We are at market value and finally got an offer, AHMS,  Inc. appraisal is too high!

Permalink Reply by Rita Fong on March 7, 2011 at 4:31am

Hi, Lisa, No, our negotiator is Jonathan Tamares.  I think they have a script to follow!!  My seller was willing to pay for another appraisal, and we got it approved.  But, our 2nd mortgage, which is the well known 21st Mortgage, will not budge at all.  We are still go through different ways to see if we can ever close this one.  It is very frustrating needless to say ;(

Thanks, Rita.

Permalink Reply by David A. Roebuck on May 9, 2011 at 6:21pm

I am going thru this right now - negotiator is LaTonya Folson demanding 100% of the BPO value which is high and I sent comps twice justifying price at about $10,000 lower. She is not budging so I'll wait two days and call again. Anyone ever deal with her?  Anyone have any suggestions?

Permalink Reply by Eddie Petrie on May 18, 2011 at 8:03am

David,

 

Latonya is a stickler for her script. We had a property with major problems, full engineering reports, etc but she still wanted 100% of BPO value. Buyers could not increase their offer so deal had to close. SS is still open and we just got a new offer but will have different negotiator. She has been there for some time so she knows the game. Still, I would press her for a new BPO, tell her to reorder one. Also, she seems not to work with loss severity rules, doesn't care about your arguments, etc. So I would definitely push for a new valuation in some way. Also, check to see who the backing investor is and you may be able to go around her and tell the investor she is not cooperating  and that they are reviewing the wrong valuations for the property (based on the high BPO). Another thing to try is to either ask her what homes were used for the valuation and if she doesn't respond you could call the BPO agent and ask them for the properties used ( we have done this successfully ) while remembering not to ask the BPO agent for the value of the property.