Replies to This Discussion

Permalink Reply by Kim Carlson on July 7, 2010 at 7:30am

I've had appraisals done on my B of A short sales. And yes, they all seem to be coming in high. Even tho I dispute them with comps they have not changed them. However, if they are over 3 months old, B of A will send out another appraiser. That's how I got my last short sale thru with them at a lower price with another buyer.

Permalink Reply by Paul Kuriatnyk on July 7, 2010 at 7:54am

Thank you Kim.
Do you know why they appear to be doing more appraisals than BPO's?

Kim Carlson said:

I've had appraisals done on my B of A short sales. And yes, they all seem to be coming in high. Even tho I dispute them with comps they have not changed them. However, if they are over 3 months old, B of A will send out another appraiser. That's how I got my last short sale thru with them at a lower price with another buyer.

Permalink Reply by Wendy Rulnick on July 7, 2010 at 8:55am

They will order appraisals for FHA or VA, not a BPO. Also, it may be the particular requirement of the investor.

Permalink Reply by Paul Kuriatnyk on July 7, 2010 at 9:03am

Thank you... That makes sense.

Wendy Rulnick said:

They will order appraisals for FHA or VA, not a BPO. Also, it may be the particular requirement of the investor.

Permalink Reply by Sonia Carver on July 7, 2010 at 10:44am

Investor rules. Also, agent BPOs are cheaper, but not deemed as accurate as a certified appraisal. Curious to know how you know what the appraisals are at because it is B of A policy not to disclose the values.?

Permalink Reply by Kim Carlson on July 7, 2010 at 12:19pm

Our appraisal was on a conventioinal sale. The negotiator told us it came in at $575,000 vs. the sale amount that we had on the contract. The second time around they didn't tell us what the appraisal came in at, but it was less.

Permalink Reply by Kelly Magreevy on July 8, 2010 at 1:20pm

Glad I saw this. I just got a call last Thursday that my short sale is having an appraisal, not a BPO, done. I had to postpone a trustee sale for the second time and this time they only postponed it for 18 days instead of 30 days. Thats when I got the call that an appraisal is being done. it was completed and turned in to Bank of America Monday. Property is scheduled to be sold on July 20th. I have very good buyers and their lenders are Bank of America too.

Do they go back and get a BPO or just do an appraisal? Can anyone tell me what the time frame is from the time the appraisal is done and turned in to Bank of America when they issue an approval?
I was also told that I can't request for a postponement until two business days before a sale which I found odd as I got my trustee sale postponed and notice that it was postponed five business days sooner. Any help or advice would be greatly appreciated. Thanks!

I do see that short sales are happening quicker with Bank of America. Just closed one in 65 days! Yay!