Comment

Comment by ElizabethWeintraub00697006LyonRE on February 27, 2013 at 10:00am

I wish Fannie Mae would stop treating agents as adversaries. Fannie Mae sees us as lying, thieving crooks who are trying to make a fast buck at the expense of Fannie Mae, and that is so far from the actual truth. We see Fannie Mae as a greedy government fat-cat enterprise, out to mess up short sales so it can feed its own financing program, and that is not true, either. We are both on the same side -- the side of closing the short sale.

Comment by Catherine Gheen on February 27, 2013 at 9:31am

Joe & Keji, I had this happen 2 weeks ago as Fannie Mae is the investor on the loan and they instructed the BPO agent to not use any short sales or REO's in the valuation.  Well the value came in $60k higher and I knew it would not appraise.  So I filed a complaint with the Consumer Finance Protection Bureau and the CA attorney General's Office.  Here in CA we have the Homeowner's Bill of Rights and then the bank backed off and stopped the nonsense.  The agent they sent has no listings either, she drives all over the state literally in her prius doing BPO's all over the place.  I have often felt these agents sell their soul's for $50 bucks they hope the bank will use them as REO agents.

Comment by joe beauchamp on February 27, 2013 at 8:24am

Keji, you got that right! We've had bad BPO's on one place and this last BPO agent didn't want any info from the listing agent - bragged about doing a BPO on a place that she did a BPO on last year (as in the freakin BPO was way off so buyer walked). The listing agent got curious and found that this realtor has no listings in the MLS. Apparently is happily employed by banks who like nice high BPO's - and yes, I've caught BofA even strong-arming appraisers to increase appraisals.

However, what's the choice? Most agents run screaming when someone says short sale - for good reason. So, ya gotta just keep trying, right? ;-)

Comment by Keji Ogunleye on February 27, 2013 at 7:29am

I always meet with appraiser,but that does not stop them from over pricing the property

Comment by Ann Howard on February 25, 2013 at 10:41am

I always meet with the appraiser at the property and bring comps but also take the time to point out every defect the home has and if there are any repairs  that need to be done. It has helped in bringing the  price down to a realistic sales price.

Comment by Jim Stewart on February 25, 2013 at 10:15am

Keji,

Probably the best tip I learned at the CDPE course was to meet the appraiser at the house.  Don't let them go in alone.  Be there, tell them the situation, put comps in their hand and if possible put an accepted offer in their hand.  Nothing pegs the value of a home better than an arms length transaction offer.  It doesn't work 100% of the time but I'd say it works 90% of the time.  Don't know if you did that on this file but I'd recommend it for the future.

Comment by Kevin - Greenville, SC on February 25, 2013 at 7:30am

Keji,

They don't have the option of not considering the dispute per FHA PFS Guidelines.

Comment by Keji Ogunleye on February 25, 2013 at 7:26am

I have FHA with BOA that was appraised over 40K value. I did valuation dispute and escalate and was informed by the negotiator that since the appraiser is not over 1 year they will not consider  any dispute..

Comment by Marty Wells on February 25, 2013 at 6:22am

I am on day 89 of the 30 day offer evaluation period

Comment by Paola Martinsen on February 25, 2013 at 6:20am

@ Catherine, yea its been horrible the past few months. I've had to escalate to get every little step done and im at wits end at this point. In a weird way its good to hear im not alone!

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