Chase won't use REO properties in BPO to determine value
For some reason Chase seems to think that buyers are willing to pay more for short sale properties vs. bank owned. It never occurred to me that anyone would want to pay more for the opportunity to do a ss with chase! I'd much rather deal with an REO situation vs. SS where at least you get a response in a week or two with REO.
Especially in areas that are 90% REO it seems wrong to omit those REO comps. It seems that Chase is picking and choosing values so they set market value -- not the market!
Anyone had any experience convincing Chase to use REO properties in the BPO's/determining market value?
Replies to This Discussion
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Permalink Reply by Phil Hanner on
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I have done hundreds of BPOs and many for Chase's REO department on my REO listings. In late 2007 some banks did not want REOs or SS used or only wanted one listing and one sold as comps. By mid 2008 that had changed. Now there is little restriction. With 60% of sales in my area foreclosure related, they do not have a choice.
What is the purpose of the BPO you are doing? -
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Permalink Reply by Rachel Diedrich on
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I'm not doing a BPO... I'm listing a SS property. I submmitted 3 offers to chase. They ordered a BPO and told me that all 3 offers are too low and that they are "below fair market value". I couldn't understand how this could be since this is not what I see when I pull comps. I sent my comps to the negotiator who told me that REO properties could not be used because they were sold at a higher discount than SS properties. I even spoke to her team lead who informed me that REO properties couldn't be used at comps. This makes no sense to me. The market determines fair market value and buyers don't disregard REO comps when making a decison what to offer. Very frustrating!!!!
Phil Hanner said:I have done hundreds of BPOs and many for Chase's REO department on my REO listings. In late 2007 some banks did not want REOs or SS used or only wanted one listing and one sold as comps. By mid 2008 that had changed. Now there is little restriction. With 60% of sales in my area foreclosure related, they do not have a choice.
What is the purpose of the BPO you are doing? -
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Permalink Reply by Ben Benita on
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Just escalate teh file....your negotiator has a script he/she reads from and those words aer located therein:
If agent (that is you) states teh BPO is not correct, respond with:
"We do not use REO for valuations..."
escalate this to the right person and they will listen (and order a new BPO if you push them) -
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