Nationstar on Equator DEMANDING an AGENT PAID/SUPPLIED BPO?? What's Up with That?

This is the first time we have run into a Lender requesting an Agent/Attorney supplied BPO. They will not accept CMA's.

We requested clarification and they posted the BPO template for us. 

Has anyone had this happen before? It sounds like they are going to request a Seller supplied Title Report as well.

Things are definitely getting strange.

Thanks for you help,

tjs 

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they have their own form (see attached) and its not just a few minutes.  if it were to dispute a value or something, I could see it, but it's not (in my case anyhow) - NS hasn't countered or anything, it's more like they want to validate the BPO already done.

Attachments:

Wendy, thank you for the form! I'm taking a new listing tomorrow with NS on first. I will upload a BPO with the package. 

i LOVE the strong response, but, mos banks know that the threat of "bankruptcy" is only a negotiations bluff, and, you need to go as high up the food chain as possible.

"Threats" like the ones below will fall on deaf ears if you only send this to your negotiator.

Yep, I sent it all the way up without resorting yet to overnight receipt return mailing. Sometimes it just feels good to vent..... that and a good whiskey.

Thanks for your thoughts - I appreciate it.

tjs

I must be missing something here!  The lender wants the agent to supply a BPO and you think that is a bad thing?  I had a local credit union tell me that they needed the seller to order the appraisal so that the lender could make their short sale decision.  OK!  perfect, you want ME to order the appraisal?   I ordered the appraisal from a LOCAL appraiser, explained to him how we came to the price we were under contract for and said, Oh by the way, these are the best comps I could find.  

Same goes for BPO, get one done, the listing agent should easily be able to do one in about 20 minutes.  

What am I missing?

I concur.  Its not that hard and I liked having some aspect of control over the value.  Just do it.  NS is hard enough to deal with.  Save the fight for later....

I have a nightmare going on with Nation Star right now.  The first offer was approved at 110k  The buyer fell out right before closing and we had back up offer for 114k.  The negotiator did a soft denial and we got the new one in.  The negotiator changed, asked for an agent BPO which  I supplied and then dissapeared.  It turned out that the negotiator was not working there after  the first 2 days.  Another negotiator came in, and said it wasn't approved anymore and raised the price by $45,000  Which was $35,000 above the appraised price conditioned on $15k buyer paid improvments to the water system.  We supplied the appraisal and the negotiator has disappeared again.

I'm also going through this as we speak.  I've got a short sale where we've just received our third (and best) contract since beginning this process almost a year ago and the last Nationstar/FNMA counter was about $30k above FMV.  Here's the actual e-mail response I got after sending an e-mail to [email protected] in which I was asking them to outline exactly how to dispute the value:

December 31, 2012
Mike Mondy

RE:                             Short Sale Escalation
Property Address:       xxxxx XXXX XXXXX DRIVE
Loan Number:            xxxxxxx144

Dear Mike,

Thank you for your patience regarding the escalation for xxxxxxx144 at
xxxxx XXXX XXXXX DRIVE. We apologize for any delays in the short sale
process due to the issue addressed below. We at Nationstar Mortgage are
striving to provide as seamless a short sale transaction as possible and
any commentary is welcome to encourage further development of our
procedure.

We have reviewed all documents regarding the short sale process supplied by
both yourself and our staff. Our resolution is based on investor guidelines
and requirements provided to us as the mortgage servicer.

We have concluded the following:
The investor of the loan is willing to review a value dispute. All
documentation must be uploaded into Equator. Once received your negotiator
will submit the dispute to the investor for review.

The next steps to move the short sale process forward include:
   - Upload an independent appraisal
   - Upload sold comparables in the area

We appreciate your time and feedback to ensure the short sale workflow with
Nationstar Mortgage is as efficient and cooperative as possible.

We look forward to working with you in the future.

Sincerely,
Realtor Assistance Desk
Nationstar Mortgage

I've been following this thread for a while now and the obvious issue at hand is, who is going to be willing to pay for an independent appraisal?  They clearly stated they're not looking for a BPO, which I would happily provide.

Any thoughts, suggestions or updates from prior experiences?

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