Replies to This Discussion

Permalink Reply by Jeff Payne on November 10, 2010 at 11:49am

Raise the initial offer by about 30% and when you get the taks of putting in the real offer, submit the correct figures

Permalink Reply by Debe Maxwell on November 10, 2010 at 11:55am

LOL at the switchboard operator comment! And, Jeff is correct in advising to adjust the offer on the initial screen. I think their desktop comps are in-line with Zillow's!!

Permalink Reply by Elise Fay on November 10, 2010 at 4:47pm

Christine. If you look back at one of my posts I addressed this issue. I had the exact same thing happen to me. It is based upon an Automated Valuation that the banks run on their properties. Just call the customer service number and explain the situation and tell them that you want to do a Manual Review. They should instruct you on what to do and how to do that in Equator (altho they will enter that request in their system). If you feel the comps justify the offer and have supporting documentation (condition etc) you can supply that info. I had my client write a letter explaining the condition of the home, he had pretty serious plumbing issues). The letter that my client wrote and signed, I submitted on Equator. You also need to have him explain the current market conditions for your area, supply comps, stats and DEMAND an appraisal or BPO be done. You will have to keep on them but at this point I believe Customer Service will be a lot of help.

Good Luck

Elise

Permalink Reply by Jim Schneider on November 13, 2010 at 3:49am

Having written estimates for any repairs is a big help, usually on a bpo they will subtract $2 in value for every $1 in repairs. Remember though, that what a bank considers a repair is something that is broken, ie leaking roof, peeling paint, warped deck, broken window, mold. Generally if the property just needs updating it will go down as "average" condition, with more updated comps being listed as "good" or "excellent" (hopefully, if the bpo agent is paying attention).

Hope this helps. Also check out the bpo blog.

Permalink Reply by James Lee on November 14, 2010 at 12:37pm

I agree with Jeff and raising the offer by a decent amount, and reducing the offer after being assigned a negotiator. I had a very similar situation where the offer was auto-rejected. After talking to a good customer service rep, she had mentioned that the reason for the auto-rejection was that the valuation they had on file was from a few years ago, and the two amounts were very off from each other. GOOD LUCK!