"I just had a similar experience, it appears Seterus does not even consider the BPO value when negotiating. They are merely looking at your list price and basing their value on that.
I made the mistake of not reducing the price to reflect the…"
"Hi Pamela. We had to supply every bit of documentation that would have been needed if there was no BK. The lender said that even though there is no liability for the seller, they still need to fully document the file to approve the…"
"100 pages is way too much for them to look at. I would try to condense what you want looked at, and get it in the highest up hands possible at the bank. For a value dispute of that size, you may need to push for/wait for another bpo..best of luck!"
I have a contract for $180k and the BPO Seterus ordered came back at $280k. The BPO agent made the same mistake I did when I first listed the property, which was not understanding the serious construction and maintenance issues that exist. We submitted a valuation dispute with over 100 pages of detailed explanation, photos and quotes of what the problems are and the cost to cure. Seterus came back and said that in spite of all the issues that has come to light and some new comps, they are…See More
"I've done this, but only as a use an occupancy. We did not want a tenant landlord relationship. That said, I agree 100% with Tara, that I think this could REALLY complicate a short sale. I did it and it was successful with…"
"I wouldn't advise my seller to touch a rental agreement on a short sale (from a listing agent perspective). The reason is if it falls through it could complicate a deed-in-lieu or listing for another short sale if renter needs…"
I have a buyer that wants to rent the property from the seller while we are waiting for the short sale to be approved. Lender hasn't asked for an ALT affidavit to be signed yet but in the event they do, would this be considered a violation of that affidavit since there is a separate agreement between buyer and seller outside of the contract for sale and purchase?See More
"Does anyone have a copy of BB&T's short sale package? Can't download it from their website and Loss Mit won't send it out unless the borrower calls for it himself but he is not ready to let them know what he is…"
"I usually get through in about 2 to 3 hours when I call in the mid afternoon (EST). Just put them on speaker and go about your business. I have found in general that once they do pick up you can get half way decent info, unlike the gatekeepers who…"
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