SSA Price 120% of BPO Value
I just spoke to an executive at CHASE who indicates that the SSA price is set at 120% of the asset's (BPO) value to make sure that they receive fair market value for the property.
Boy, do these people know how to sell property! Overprice it by 20% and wait around for a fair offer! Yeah, that's how it works!
Has anyone else heard this?
Replies to This Discussion
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Permalink Reply by Vicki Lloyd on
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I have a short sale listing now that was appraised at $530,000 in December (there was a model match comp in highly upgraded condition that had closed at $570K). My listing is original 1978 condition, with a pool that needs to be replastered and the 3rd bathroom demolished, which makes financing difficult. Wells Fargo HAFA dept wanted me to list it at $565,000.
I told them that nobody would even look at it at that price and that it really should be $499,000. I listed it for $535,000 and later changed the listing to "value range" $499,000 to $529,000. There are several other active listings in the same neighborhood priced between $400,000 and $499,000. Unfortunately, they are all short sales, so not likely to close soon. I tried to dispute the appraised value, but they won't change it until I have closed comps to include.
This is all very frustrating!
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Permalink Reply by Tni LeBlanc (805) 878-9879 on
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Yeah, I'm not loving HAFA right now either.
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