Comment

Comment by Jim Schneider on December 22, 2010 at 4:29am

Tiffany,

the requirement to use MLS comps is standard practice for BPO's. I'm guessing the reason is that on the mls, you "may" be able to glean what kind of sale, the condition, the financing type; whereas with a tax record of a private sale or sherrif sale, you may not know if it was really an arms length transaction or the condition.

 

Either way, you are more likely to win by fighting within the BPO guidelines (by saying there were better comps that weren't used or the comps weren't properly adjusted) than by trying to get the bank to make up new rules. Get a copy of the BPO guidelines posted over in the BPO section, they can save your deal.

 

Comment by Tiffany Cloud on December 22, 2010 at 4:03am

Amy - No auction date yet, which is good.

Patsy - already did the dispute with comps.  Interesting to note, WF would only take 'MLS comps'.  An appraiser would use ALL comps (private sales, auction sales, etc).  This is my next big argument with them... any buyer coming in to purchase this prop that needs a loan and has an appraisal done is not going to limit their comps to 'MLS only'.    There will always be a descrepency in the values if that is the case.

Jim - I will try to get the BPO, good idea.

Comment by Jim Schneider on December 22, 2010 at 1:57am

Do you have the form to post? That one would be very helpful to have here!

Comment by AMY GERRISH on December 21, 2010 at 6:23pm

Wells has an official bpo dispute form. Ask for it. I had one lowered from 100k to 86k. Just keep bugging them. Call freddie mac if you have to. When is the auction date?

Comment by Jim Schneider on December 21, 2010 at 2:44pm

Sounds like a good reason to dispute. Try like crazy to get that bpo, so you can dispute the reasoning. Then go to the bpo forum on this site and see what they did wrong.

Comment by Patsy Clevenger on December 21, 2010 at 2:22pm

HI Tiffany

 

You can dispute the BPO with Wells Fargo by sending in your listing history and comps. The problem with Wells Fargo is that they usually use an appraiser for the BPO and they per the inverstor can keep that for 6 months.  Start your fight with Wells First by sending in your comps and if that doesn't work you can bring it up with Freddie Mac.  Stay strong I had to fight with them for over a year with the same situation and we closed last week.  You can do it..:-)

Comment by Tiffany Cloud on December 21, 2010 at 1:39pm

**HELP**

I have a Wells Fargo short sale  with Freddie Mac is investor.  Only one loan.  I had the property listed at $230k to begin with an systematically reduced the price every two weeks until we got an offer.  Fast forward almost 4 months, we are now priced at $160 and I get one offer for $155k and submit to bank.  They do BPO and it comes back at $216.  Not only was the property listed for almost 2 months in the $200k rangeWITH ONLY ONE SHOWING in two months, but it is on the exterior of a neighborhood and the house backs to some very run-down public housing.  It is in need of quite a lot of repair as it has been a rental for 5 years and vacant for 6 months.  Because of the area the home has been vandalized as well.

I asked for a new BPO and WF said they would do a 'review' of their current one.  Of course that came back again at $216k.  They automatically closed out the file.

Is there anywhere to go after this?  I asked the negotiator and she said that per Freddie Mac, 'her hands were tied' in considering anything else but that one BPO.  How can that be?  I have surveys from agents that have shown at 199k, 175k that said the property was priced too high, I have a systematic history of price reductions and lockbox showings.  I have pictures of the run-down public housing that backs to this home with grafitti and garbage in the yard and none of that bears any value on the property value to the bank?  

**HELP**

Comment by Kathleen Lordbock on December 18, 2010 at 8:38pm

thanks Sylvia!

Comment by Melissa Colvard-McKinsey on December 18, 2010 at 5:23pm

You are welcome!

Comment by Jim Schneider on December 18, 2010 at 2:46pm

Thanks so much Melissa, you made life a little brighter for my client, who's a sweet old lady.

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