"Erick - my husband and I bought an Autora short sale last year. Offer made in early June - heard nothing until the middle of October, when they came back with a counteroffer. We increased our offer a bit and seller brought money to the table to…"
SSbuyer's Discussions
Full Appraisal vs. BPO
Started this discussion. Last reply by SSbuyer Sep 27, 2011. 3 Replies 1 Like
Apologies if this has been asked before, but I couldn't find anything on this question using the forum search. I recently heard from my agent that the BPO had been scheduled on the property we have…Continue
Impact of Changing to HAFA on Buyer
Started this discussion. Last reply by Bryant Tutas Aug 14, 2011. 9 Replies 0 Likes
Hi -- Apologies for my first post being a request for help, but I'm getting nowhere with my agent or attorney, and hope some of you might have some advice. In short, I'm trying to understand how a…Continue
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SSbuyer replied to david milstead's discussion Does BOA allow a Seller to replace furniture to close a sale"I'm surprised at all of the surprise about this. Particularly if this is a condo or townhouse located in a community where rentals of the units are common, aren't furnishings (including housewares) often included to offer a…"
SSbuyer replied to James's discussion Short sale third lien with high counter"James -- another possibility is mortgage insurance. If the loan forecloses, the third lien's MI will pay them. But it the 3rd settles for some amount and then tries to collect from the MI for any difference, they might get…"
SSbuyer commented on Wendy Rulnick's group Aurora Loan Services"Carrie -- My husband and I put an offer in on an Aurora short sale on June 8. An appraisal was done on September 18 or 25 (been so long I can't remember). Aurora was OK with our offer based on appraisal, but we got a counteroffer…"
SSbuyer replied to Kimberley Kelly's discussion Wells Fargo Confusion? NO MI on Loan, but waiting for MI Approval?"Harry -- How has the implementation of that law prohibiting additioal compensation impacted short sale approvals in California?I ask because I can see it having exactly the opposite effect of what was intended. Instead of saying, "well,…"
SSbuyer replied to SSbuyer's discussion Full Appraisal vs. BPO"Thanks for the info. I forgot to mention that ours is the second offer on the property, and a BPO was done the first time. The agent met both the person who did the BPO last time and the appraiser this time.
The…"
Jeff Payne replied to SSbuyer's discussion Full Appraisal vs. BPO"I would much rather prefer an appraiser do the job. I hope your agent met the appraiser at the house.....
As far as fees, BPOs cost much more than $100.00. The agent doing the BPO is doing it for a management company that hires the…"
Marc Celeste replied to SSbuyer's discussion Full Appraisal vs. BPO"There may be a number of reasons, but if the servicer pulls an AVM and perform a quick analysis, they may order a full appraisal to substantiate their findings. Time and money are not of real concern, when ultimately it may be the difference…"
SSbuyer replied to Eric Mieles's discussion Are Attorneys Ruining Homeowners???"Mike -- I don't know if this is the case in your state, but in NJ there is something called an Attorney Fee Arbitration committee that gets involved when an attorney's fees are unreasonable or are not in line with the initial…"
SSbuyer replied to Eric Mieles's discussion Are Attorneys Ruining Homeowners???"My personal experience is that Smitty is right on target. The seller's attorney has been negotiating our purchase of a short sale since early June, and he's an absolute nightmare. He hasn't answered one question we've…"
SSbuyer posted a discussionFull Appraisal vs. BPO
Apologies if this has been asked before, but I couldn't find anything on this question using the forum search. I recently heard from my agent that the BPO had been scheduled on the property we have an offer pending on. When I spoke to her after the review took place, she told me that what was done was actually a "full" appraisal. A licensed appraiser came out to the house and spent about 1.5 hours doing his review. He told the agent that he was being paid $350 for the appraisal, a much…See More
SSbuyer commented on Wendy Rulnick's group Aurora Loan Services"Just wondering if I can get some idea how long it generally takes to get word from Aurora once BPO is done. We've had an offer pending since early June, had to sit while the buyer went through HAFA (apparently approved) and just learned…"
SSbuyer replied to annie callahan's discussion Question about BofA shortsale"Richard -- congrats! I hope you get your written confirmation soon. We knew going in that the agent didn't want to deal with the short sale and was letting the seller's attorney handle the negotiations with the bank. …"
SSbuyer replied to annie callahan's discussion Question about BofA shortsale"Annie --
We're in a similar situation; can't give you any professional advice, but maybe it helps to know you're not alone!
Don't know how this works in CA, but when we signed our contract, we had a contingency…"
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