Replies to This Discussion

Permalink Reply by joe beauchamp on April 25, 2013 at 9:41am

Ask your negotiator for a BPO dispute form. The uninformed ones (or just obstructionist ones) will tell you that you can't dispute it or will try to ignore you. A specific request for the dispute rules or dispute form is usually good enough to make them put down the donut and send you the form/info.

I've attached the last Freddie dispute form I received - BofA was the servicer for this one. If you want to just get things rolling, use it (pay attention to its rules), instead of begging your negotiator to find his version.

Attachments:

• BPO DISPUTE form FHLMC.pdf, 39 KB

Permalink Reply by cat on April 26, 2013 at 4:04am

Hi Joe, thanks for your quick response.  Do you know if I actually would have to have an appraisal, or can I just check the OTHER box and say I am using my own BPO.  Thanks Again!  Camille 

Permalink Reply by joe beauchamp on April 26, 2013 at 7:03am

You do not need an appraisal. Some people feel that they carry more weight, but I have not tried using them for a couple of years because BofA just ignored them then and they cost about $500.

Consider that you are sending this form to an idiot with ADD and a low IQ and you should be OK. In other words point out everything. Don't assume that they are smart enough to see that a comp has a finished basement and your property does not (and that it is worth $20K in this neighborhood). Point out that taxes are $X per yr for comp A and taxes are $X+Y per yr for the subject property. They won't notice otherwise. (I have one where all comps are in different neighborhoods with $10K less per yr taxes - significant.)

These forms usually have absurd rules, too. If you compare anything to your subject property, they will throw out the dispute. That is why I didn't say "point out that taxes for comp A are X% less than subject property." Dumb rule, eh? Isn't the whole point of comps to compare? So, be careful.