Replies to This Discussion

Permalink Reply by Stephanie Lim on June 21, 2010 at 8:26am

Yes. We see appraisals sometimes depending on the investor. They usually do not share the value. I've only managed to get that out of them a few times. I'm not sure about the three and what kind of timeframe you are looking at....but they do "expire" and new ones have to be done. On a recent BOA closing that took a long time we had a total of three BPOs done because they kept expiring. On another property we have in process now they did two BPOs in a month's time. Unfortunately, nothing in your statement is particularly unusual about BOA. Hope this helps! :-)

Permalink Reply by Amy Merrill on June 21, 2010 at 8:30am

The bank will occasionally order an appraisal instead of a BPO. I am not sure what criteria determines ordering an appraisal vs a BPO. I have had 3 bpo's done on one of my listings, but only because B of A let them expire before proceeding with the review of the file (negotiators retired & file had to be reassigned was one reason for the delays, then we got moved to the Equator system). B of A will not use BPO's that are more than 30 days old.

Permalink Reply by Melissa Polce on June 21, 2010 at 8:43am

yes...I just had this happen...1 of 2 things...1-they did not like or agree w/BPO value, or 2nd/end investor or M/I company is behind ordering new full-blown apprisal...I have had this done by BofA & Citi b/c they both were going to take 200K+ losses on each property...no problem, when appraiser calls...spit out same info. to get the required value and hope for the best!!

Permalink Reply by Brian Peters Jr on June 21, 2010 at 8:44am

You may also need a more aggressive negotiator. Let me know if I can help.

Permalink Reply by Cynthia Robbins on June 21, 2010 at 9:07am

you should know the value of the property based on the CMA done by your realtor. You always have the option to order your own apprasial. Yes, we have all heard of the rules change everyday with BOA, and you must be flexible to keep your sanity. Have you the owner contacted BOA and requested a copy or atleast the amount of the apprasial? I would think that BOA would be required to disclose the appraised value to you the owner of the property since those appraisals are not free and you are paying for them.

Permalink Reply by Katerina Gasset on June 21, 2010 at 9:08am

This is determined by the investor. For instance some investors have rules that if the deficiency is more than 125K that triggers a mandatory second and third appraisal. In most of our cases this is caused by the value of the property being dropped so much and the offer then is also in line with the current value. We had a listing where the seller owed over $1 million on the note, but the value was only $475. It was with Chase as the servicer and a private investor owned the note. The investor wanted 3 appraisals because of the drastic difference. Like, they could not figure out the market fell in Florida, LOL!

Permalink Reply by nitemareshortsale on June 21, 2010 at 9:10am

Thank you everyone for your responses. We have had an offer in on the home for over a year. The seller is also a realestate agent... Our agent is a friend of his too. We are not updated regularly. I found this website today in hopes of finding out more info. We do have in our contract no back up offers. He also wanted it to be silent that his house was a short sale. We have passed on a couple of other good properites and I think I am getting tired of waiting:) But love the house.

Permalink Reply by Cynthia Robbins on June 21, 2010 at 9:26am

Sounds like it is time to have a meeting with your agent about fiduciary responsibility and disclosure. The sucess of a short sale requires the cooperation of the seller. If you are not informed about everything regarding this transaction, then it is time to start asking the hard questions.

nitemareshortsale said:

Thank you everyone for your responses. We have had an offer in on the home for over a year. The seller is also a realestate agent... Our agent is a friend of his too. We are not updated regularly. I found this website today in hopes of finding out more info. We do have in our contract no back up offers. He also wanted it to be silent that his house was a short sale. We have passed on a couple of other good properites and I think I am getting tired of waiting:) But love the house.

Permalink Reply by nitemareshortsale on June 21, 2010 at 9:51am

Hello Katerina,
I think there is a big deficiency. Maybe 250,000. You are right the values here is down! Some of the realtors are able to keep some properties high but they are sitting and often go for 200,000 to 400,000 below they list them for. But that is a whole other subject.:)

Katerina Gasset said:

This is determined by the investor. For instance some investors have rules that if the deficiency is more than 125K that triggers a mandatory second and third appraisal. In most of our cases this is caused by the value of the property being dropped so much and the offer then is also in line with the current value. We had a listing where the seller owed over $1 million on the note, but the value was only $475. It was with Chase as the servicer and a private investor owned the note. The investor wanted 3 appraisals because of the drastic difference. Like, they could not figure out the market fell in Florida, LOL!

Permalink Reply by nitemareshortsale on June 21, 2010 at 9:52am

Thank you everyone for your responses. We have had an offer in on the home for over a year. The seller is also a realestate agent... Our agent is a friend of his too. We are not updated regularly. I found this website today in hopes of finding out more info. We do have in our contract no back up offers. He also wanted it to be silent that his house was a short sale. We have passed on a couple of other good properites and I think I am getting tired of waiting:) But love the house

Permalink Reply by nitemareshortsale on June 21, 2010 at 9:53am

Thank you for your response. Any help with the questions I should be asking? Any help will be greatly appreciated!

Cynthia Robbins said:

Sounds like it is time to have a meeting with your agent about fiduciary responsibility and disclosure. The sucess of a short sale requires the cooperation of the seller. If you are not informed about everything regarding this transaction, then it is time to start asking the hard questions.

nitemareshortsale said:

Thank you everyone for your responses. We have had an offer in on the home for over a year. The seller is also a realestate agent... Our agent is a friend of his too. We are not updated regularly. I found this website today in hopes of finding out more info. We do have in our contract no back up offers. He also wanted it to be silent that his house was a short sale. We have passed on a couple of other good properites and I think I am getting tired of waiting:) But love the house.

Permalink Reply by nitemareshortsale on June 21, 2010 at 9:54am

Any help would be greatly appreciated!

Brian Peters Jr said:

You may also need a more aggressive negotiator. Let me know if I can help.

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