I have had 2 BOA appraisers come in too high. I formally disputed the first one successfully enough to where they ordered a second within 3 months, well the second came in very close to it. Now, you are all thinking i priced too low..not so. if i did then i would be getting showings at the BOA appraised price...I am not, none, zilch, nada. I live in a rural coast area and the appraisers were from an area 3 hours inland. I met them there and gave them a copy of a seller paid appraisal from a local appraiser and still too high.
So i am soaking the listing at their approved price to show a "history" that their price is too high. It has been a month with no showings. At some point I will drop the price and give it another go...
Any suggestions on how to proceed with two BOA appraisals against me?
escalation - done
formal dispute package w repairs, appraisal, market snapshot of area- done
listing history proving the appraisers were on crack- got it.
Thanks a bunch
I had the same problem with BOA...but got around the whole situation. I had my clients go to BOA and apply for a mortgage. The explained to their new BOA LO that BOA already was in 1st position and that we were involved in a short sale. BOA wanted $166k and their own appraiser came in at $114k. We emailed the new appraisal to the negoitator and the senior level negoitator. Within 8 days they agreed to my price....and approved the short sale...