Replies to This Discussion

Permalink Reply by Esther M. Camarotte on June 23, 2010 at 11:26am

Maybe frustrating, maybe illogical but certainly not illegal. They are paying for it and its for their internal purposes. A second appraiser will come in the same or pretty close so there is not much they can do about that. On purchases banks are doing this alot so this is a pretty common practice.

Permalink Reply by Nikki on June 23, 2010 at 11:28am

Thanks Esther. Does this mean the banks will give us property for the new price or are they just yanking our chains and going around in circles?

Esther M. Kelly said:

Maybe frustrating, maybe illogical but certainly not illegal. They are paying for it and its for their internal purposes. A second appraiser will come in the same or pretty close so there is not much they can do about that. On purchases banks are doing this alot so this is a pretty common practice.

Permalink Reply by Esther M. Camarotte on June 23, 2010 at 12:27pm

Depends, unfortunately, depends on the loan that is currently on the property. Whether there is insurance on it from the investor, etc. Sometimes, it's more beneficial for the bank to actually foreclose than to sell it. So it's very specific to each loan. That's where the illogical comes in.

Nikki said:

Thanks Esther. Does this mean the banks will give us property for the new price or are they just yanking our chains and going around in circles?

Esther M. Kelly said:

Maybe frustrating, maybe illogical but certainly not illegal. They are paying for it and its for their internal purposes. A second appraiser will come in the same or pretty close so there is not much they can do about that. On purchases banks are doing this alot so this is a pretty common practice.

Permalink Reply by Sonia Carver on June 24, 2010 at 9:08am

Also, Matthew Vernon, the executive in charge of REO and Short Sales at B of A has stated that they "will NEVER disclose the appraisal amount. It is currently a B of A policy."