I just started working with DTS about 3 weeks ago and am in the process of doing my first listing.  The house was a nice 3 bedroom waterfront ranch until Hurricane Sandy hit 5 months ago.  The house is now gutted, along with nearly every other house in the neighborhood.  Before the hurricane the house would have been worth close to $400K, now the sold comps within the last 2 months are anywhere between $140K and $200K.

DTS training materials that I received 3 weeks ago said the list price would be based on either an appraisal or BPO.  After waiting for a week for someone to contact me to see the house, I called DTS and was told that they are now doing AVMs and the house should be listed close to $350K.  I'm sure the AVM is using pre-hurricane sales and is probably throwing out some of the newer sales because they are 1/3 of the price that they should be.  And any market trend data that is being used is just starting to reflect the drop in prices because of the condition of the houses.  If there was ever a time and place NOT to use an AVM to price a house, it's now with houses on the Jersey Shore.

I explained the situation to DTS and already filed a Request for Reconsideration, but was told it could be 30 days before they make a determination to order a BPO.  I wanted to wait to list the house since there is no way I'm going to get any activity at that price, but both the seller and bank want it listed now, so who am I to say no. 

As a rule, I don't take overpriced short sales, it's a waste of everyone's time.  If this was just a seller looking to overprice their short sale "because you never know", I would walk away from it, but since I just started with DTS I really want to start things off nicely with them. 

I'm listing the house today, but really want the price dropped as soon as possible to reflect the condition.  Does anyone have any suggestions on how I can expedite having DTS send out someone to do a BPO? 

Thanks much!

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If your investor is FNMA, you can find plenty of complaints of them boosting the price 20% (to foreclose then list the property on their website and give buyers a special deal of not having to appraise the property but eligible to get a loan from FNMA for 20% above market value - that FNMA won't mention). That gives you a flavor of the possible ethical boxing ring you are in, so consider logic and reality a far second from where you might be.

I can think of one value in listing the property at the bank's number - logging the activity, comments, offers, etc. made during that time to support your position back here in the real world. It would probably help if you filled out a BPO dispute form, too. The more you have that can fill a suitcase, the less they can ignore you.

 I had the same situation here with one of my Listings in South River,NJ.
 I sent them many pictures "before and after" ,and explained how the neighborhood was flooded,with pictures too,fallen trees over the roofs,and so on.
When the BPO came ,they knew the situation and ,as the appraisar told me,they sent him to check if the pictures were real.
I did this because in most of the cases,negotiators do not know specific problems with the houses.Maybe you can do something similar...good luck!

Sounds like something Fannie Mae would do. My suggestion is just keep working it. They might not be reasonable now but sooner or later one of two things will happen: either they become reasonable or the market will catch up. It might take a year or so but eventually everything sells at some price. When it does, I want to be the agent on the listing so I get paid for my efforts.

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