I have a short sale I am working through Wells/ASC.  Initially there was an inflated BPO of 470k on a property that comps in the mid 200s.  The house is vacant and in a tremendous state of disrepair.  The owner agreed to pay for a full appraisal and it came in at 230k and Well's third party review stuck with the 470 and did not even consider condition (holes in the roof, a wall caving in etc...) the problems are too numerous to list yet this third party review group wont budge.  There is no MI so I cant figure out the agenda or rub.  I am also at a loss right now how to get the blinders off wells.  I am too close to this one to regroup effectively.  I need some wise counsel on how to escalate etc........

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Normally with Wells, I just dispute the BPO and ask for a 3rd party to do a new one....it is always a good idea to find out the name of the BPO agent that did the first one and find out if he or she is affiliated with the bank and accepts REO listin from the bank...if so, then it is a conflict of interest and you have every right to ask for a 3rd party BPO...You have to really push it with wells and have all of your docs to support your claim together...have you tried escalating it further up te pole?
Rob - Have you sent in photos with the obvious issues? Try that.  State specifically that the " investor should know there was likely a flaw in the BPO, and items were overlooked", then supply a photo for each issue. Get the supervisor's name and cc the supervisor.
I agree that something smells fishy here...tell them you suspect fraud due to conflict of interest or something and that might get them going....Banks hate the word "fraud" lol

Wendy I agree 100%.  When I deal with something that is as run down as this one, I take extensive pictures and I do a reasonably short powerpoint  presentation and turn the slides into a simple PDF that clearly tells the story.  I have built 70+ houses, owned a fair amount of investment real estate, and generally have a good eye for value and this is a black and white scenario that is so blatently obvious that I just cant understand what is going on. If there were MI in the mix, I would fully understand. The original BPO poisoned the well, so to speak, and the bank is either not seeing this or there is something amiss.  I have an appraiser who appraised this property  (has done 1400+ appraisals) believes this property will never see north of 250k yet Wells wants to hang their hat on an inflated BPO of 470k........  

I love posting here because it provides another set of eyes.



Wendy Rulnick said:

Rob - Have you sent in photos with the obvious issues? Try that.  State specifically that the " investor should know there was likely a flaw in the BPO, and items were overlooked", then supply a photo for each issue. Get the supervisor's name and cc the supervisor.

You need to escalate the file to someone higher up than just a 9-5 negotiator. The file needs to get into the hands of someone who can make a decision and actually somewhat cares about preventing a further loss on the property.

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