Subject property is a single family attached (1/2 of a duplex) 3/2/2 about 1300 LSF. Out of area BPO agent comped it to properties miles away including a 4/2/2 pool home in a luxury neighborhood 2200 LSF and 3000 total, different zip, and different school district. Other two sold comps are just as flipping stupid.

 

I made contact with this agent prior to BPO and she said she knew the area and I gave her some solid info. She totally disregarded it and the appraisal is about 30% too high.

 

Contact at Chase sounds hesitant to do a 2nd BPO.

 

Can anybody tell me who to escalate the file to if I can't get anywhere?

 

This is a Florida property. Everything was fine until the incompetent Realtor got involved.

 

Thanks,

 

Phil

Tags: BPO, agent, doofus, mcgoofus, supreme, the

Views: 89

Replies to This Discussion

I usually supply my own CMA when I submit a short sale offer. When I have had a dispute with another agent's BPO, I then promptly complete my own BPO using a generic BPO form and ask them to please take my BPO to their manager for review. This is the most expeditious way to counter an inaccurate BPO.
Thanks - I will do that now. I have done it in the past and offered to do it this time, but this contact is hard to get any info from. I don't think she knows what a duplex is - not kidding. Usually on the initial BPO I complete a blank form and hand it to the BPO agent. Learned my lesson - even if they sound like they know what they are doing, just do it for them anyway.

Thanks again.

Dianne Slutsky said:
I usually supply my own CMA when I submit a short sale offer. When I have had a dispute with another agent's BPO, I then promptly complete my own BPO using a generic BPO form and ask them to please take my BPO to their manager for review. This is the most expeditious way to counter an inaccurate BPO.
This has been an ongoing problem. These BPO agents do have E and O insurance and this is something brokers do not take lightly. You can ask Chase to contact the third party that did the BPO and ask for another opinion based on your information. I know some companies will contact third parties and make a dispute with the value. Some of the issue is from "picture takers" going to the house and not the assigned party. As a listing agent you need to verify who is asking for access. Get a copy of the order, take names and have this for your rebuttal. You have a responsibility to your seller. The lenders are aware of inflated BPO's but and not going to spend the money on a second BPO unless you have good comps to provide. Good luck.
Dianne, do you have a blank BPO form you could share? Please email to anna@SDHS.com Thanks in advance!
I just had this happen to me today. My negotiator at Chase countered with a price $80k higher than any other property near by. I am having my buyer get a full appraisal. Even thought my buyer is a "cash offer", if she needed to get a loan, she wouldn't be able to.
The Chase rep just contacted me and was VERY HELPFUL. She told me to just scan and email 3 sold and 3 active comps off of mls and do a brief cover letter explaining the differences in the two neighborhoods the comps are coming from. She will use this to convince M.I. to re-assess value. We'll see.
Did that as well.
Do you know the value she gave Chase? If you're relying on Chase for an accurate number I have some swampland to sell you. :)
Are there repairs needed? If so, submit a repair estimate. Any sex offenders living in the area? How about crime stats?
Possibly--submit your own CMA, a CMA from another agent, a BPO from a local agent or ask your buyer to pay for an appraisal. If you don't know her number for sure, consider hiring that same BPO agent to do a BPO for you on the same house. She might even cut you a deal since she won't have to do much work.
Have you sent our negotiator comps? Chase now asks for them with the short sale submittal processs.

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