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

 

DD

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Replies to This Discussion

Danny, I have a same problem u have. BOA appraisal came in too high. BOA rejected past 2 offers. Funny thing is buyer's lender appraised $450,000, BOA appraised $500,000. BOA wants full amount of their own appraised value. I don't know what to do.
I sent buyer's lender appraisal report to BOA,,,,,, they still wants $500,000.
Danny, same problem here in Virginia! My sellers ratified a contract contingent upon BOA Approval in December 2009. Tick..Tick..Tick..fast forward to March 15th. Counter from BOA $45K higher than Fair Market Value price, we counter the buyer and the back up ratified buyer and both withdrew their contracts. Could not quailfy. So BOA suggests I raise my list price to $330,000, $45k above market value. Against my better judgement the seller agreed and I changed the list price. No offers in hot spring market. Two weeks later Rob Larson of BOA agree's to lower the listing price to $315,000. Early April finally a buyer appeared and the seller ratified the offer contingent upone BOA Approval. Fast forward to the first of May 2010. I let the chips fall where they may, I do not meet the appriaser, did not say one word, the house was on combo box with instructions how to get in. Low and behold, the appraisal comes in low and flags a few repairs. The Certified Uniform Appriaser determined a FMV of $290,000. ***the previous offers were $289,900!***

Now two weeks later, BOA still has not lowered the appraisal. Existing Short Sale Approval Letter says settlement must be completed by June 11th. The only problem is the buyers loan lock is about to expire!

This is where the Equator System falls short...... we need human beings to talk to.
They need to start by getting rid of the HVCC appraisal system. Short Sales were hard enough before they implemented this program. My market is not cookie cutter subdivisions and the comparables all need many adjustments to get a value, definately not a job for a "new 6 month licensed appraiser from 3 hours inland" which is where the BOA hire came from.
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...

good luck
I like it. thanks

max e dumont said:
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...

good luck
Contacts at BOA that I use

Office of the president: 800-801-4860 or 704-386-5687
Several key supervisors within the short sale department:
Kenneth Hepner - 972-526-3665 (kenneth.hepner@bankofamerica.com) and his supervisor Billy Selman - 972-526-1324 (billy.selman@bankofamerica.com)
Max, Thanks for the info.

max e dumont said:
Contacts at BOA that I use

Office of the president: 800-801-4860 or 704-386-5687
Several key supervisors within the short sale department:
Kenneth Hepner - 972-526-3665 (kenneth.hepner@bankofamerica.com) and his supervisor Billy Selman - 972-526-1324 (billy.selman@bankofamerica.com)

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