Replies to This Discussion

Permalink Reply by Kent Dills on June 13, 2010 at 11:18am

Mike, if you think the offer you submitted was declined due to a "bad" BPO; you should just "contest" the BPO by submitting better comps that are more representative on the subject property. This might get the negotiator to order a new BPO or just accept you valuation. You don't have to just wait and resubmit a different offer!

Permalink Reply by Paola Martinsen on June 13, 2010 at 11:27am

I agree with Kent, they wont order a new value unless you dispute the current one or if the value they have is 3 months or older.The fastest way to get another BPO ordered is to send the comps to your negotiator directly or their manager. Always fax a copy to loss mitigation and work it with them as well. Work all angles and at least one of them will work.

Permalink Reply by Mike Love on June 13, 2010 at 11:58am

I have done all these things. I even offered to pay for an appraisal. They said it wouldn't make a difference because the buyer would be paying for it and not the bank. They have basically told me that their BPO is the gospel and final testament. I agree that this would work with a lot of other banks, but not Aurora. They have shot down all my comps and even the ones that were done in a previous BPO which came in a half of the new one. They told me that there is a good chance that that one may be wrong. HELP!

Kent Dills said:

Mike, if you think the offer you submitted was declined due to a "bad" BPO; you should just "contest" the BPO by submitting better comps that are more representative on the subject property. This might get the negotiator to order a new BPO or just accept you valuation. You don't have to just wait and resubmit a different offer!

Permalink Reply by Ben Benita on June 13, 2010 at 1:00pm

we have had as many as 4 BPO's completed, BUT, it will take some arguing with higher ups to make it happen....keep fighting for your client!!!!!

Also, Paola is correct in that MOST BPO's are only good for 60 to 90 days

BEST MOVE -- find out who the investor is on the note and get THEM involved if Aurora digs in their heels, particularly the board of directors....contact me off here for some of the best ways to get this info. if you have not done so before.