challenging value with an appraisal...need opinions
One loan with WF (proprietary). Seller is elderly and leaving the Vegas area in the next few months. Property is in considerable disrepair having never been updated in 30 years and no maintenance for at least 6 years due to health and death of a spouse.
Bank has not yet done physical BPO or Appraisal yet but came back at $125k net $135-$137k purchase price. Buyer wants to go up to $100k. Estimated repairs are $30-40k. Buyer approached seller to do short sale and seller is will walk if not completed with this buyer because she was going to simply let it go anyway.
If buyer wants to do an appraisal to help fight value would it look potentially more influential if seller orders a private appraisal to submit on ss file or if the buyer does it? FYI, cash purchase.
Replies to This Discussion
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Permalink Reply by joe beauchamp on
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On the plus side, WF is under the gun right now for not adhering to the $12BB fed settlement for screwing homeowners, so you might get some traction.
The investor is most important. WF can make it very hard, but they are not the authority. Also, I've seen banks totally ignore appraisals. Since this is cash, you lose the power of another bank (uh, birds of a feather - honor among thieves) coming up with the appraisal. I hesitate because appraisals are expensive. I would have solid comps with clear explanations so no one at the bank has to think beyond 2nd grade level to get what you are saying. I had to go through at least 4 iterations of good comps over about 9 months to get Freddie to finally drop their absurd price, but they did.
I guess a lot of it comes down to how much you won't go away. I think that submitting new good comps over time had a wearing effect. I may have given them 15 to 20 solid comps over that time, and I would bring up the previous good comps when giving new ones. Perhaps they felt my next call would eventually be to a state senator. I think persistence counts. (I did go to the investor during this period, too - not always possible.)
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Sorry that I missed that. The only other thing that might be helpful is that WF is not a monolith. Different departments as investor can have different guidelines (so don't assume that if an agent had an experience with WF, you'll run into the same good/bad stuff).
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