Would anyone happen to have a contact at HSBC? Home needs $40k in work but the BPO came in at full price... foreclosure date is approaching rapidly.
Who is your investor? If it is FNMA, They are jacking up prices 20%, foreclosing (unless they snag a "greater fool" to buy it at that price), then offering loans on their website for the properties at the inflated price (for some other "greater fool").
There are plenty of bad BPO's out there, but also, definitely Fannie, and it looks like Freddie, too, are boosting up prices, so you can't be sure which or both are doing the damage.
These are not people interested in real prices, nor do they like seeing short sales succeed, so don't expect some HSBC person to drop in and make things right. Ask for a value dispute form - you need to show that you aren't just whining about the price and you need to document the things in your favor - in terms that they cannot deny - like in dollars and cents as opposed to "look at that picture" type stuff.
Good luck. It seems we need it for most SS's these days.
Anybody know if HSBC looks at certified appraisers numbers after their BPO expires in 6 months?
Freddie Mac values can easily be disputed with the servicer.