Replies to This Discussion

Permalink Reply by Tammy Davis on August 18, 2010 at 9:08am

Sally,
I haven't done anything with GMAC yet, but I would give them comparable sales of whatever you can find. Basically a sale is a sale, and that is what determines value. Whether or not it is distressed shouldn't matter.

Permalink Reply by Sally Reid on August 18, 2010 at 9:25am

Hi Tammy,

I have had other sales blow up because of the requirement of a non-distressed sale for the BPO. They BPO agent was able to find comps, but they were not true comps ( 2 story on a slab new construction vs subject ranch on a basement 6 yrs old) In the case of the GMAC short sale, there are no non- distressed sales at all. The value can be found, just not in a regular arms -length transaction.

Tammy Davis said:

Sally,
I haven't done anything with GMAC yet, but I would give them comparable sales of whatever you can find. Basically a sale is a sale, and that is what determines value. Whether or not it is distressed shouldn't matter.

Permalink Reply by Bettie Meadows on August 18, 2010 at 10:01am

Tammy, different banks give BPO agents different guidelines at different times Sometimes they are told not to take in distress props.and other times they can. As I was told by Chase yesterday. "It changes all the time"

Tammy Davis said:

Sally,
I haven't done anything with GMAC yet, but I would give them comparable sales of whatever you can find. Basically a sale is a sale, and that is what determines value. Whether or not it is distressed shouldn't matter.

Permalink Reply by Ben Benita on August 18, 2010 at 5:25pm

Always depends who the Investor is on the note....keep in mind GMAC is only the loan "Servicer".....guidelines do vary, and, like EVERYTHING on a short sale, are totally negotiable......

Permalink Reply by Marcy Moyer on August 19, 2010 at 2:40am

I have not done a GMAC BPO i don't think, although it is possible, but all the other ones I have done allow short sales and reo as comps if that is the predominate type of sale. it just needs an explanation.

Permalink Reply by Tammy Davis on August 19, 2010 at 5:30am

I completely agree if you are speaking as a BPO agent doing a BPO. Maybe I misundestood the question. If I were a short sale agent submitting a BPO with my short sale package (which I do on mine), I certainly include distressed properties if those are the only comparables that are "most like" the subject property. It is still an accurate representation of the current values in the area. Such as the area I live in...all there is on the market are REO's, short sales and flips. All three could be argued as to whether they "accurately" reflect market value.

Bettie Meadows said:

Tammy, different banks give BPO agents different guidelines at different times Sometimes they are told not to take in distress props.and other times they can. As I was told by Chase yesterday. "It changes all the time"

Tammy Davis said:

Sally,
I haven't done anything with GMAC yet, but I would give them comparable sales of whatever you can find. Basically a sale is a sale, and that is what determines value. Whether or not it is distressed shouldn't matter.