We have a property in contract for $200k. Payoff is $181,939.77 to BofA FHA. Seller closing costs are $15,630. Appraised value came in HIGH at $250k.
3 of the 7 comps used are not similar to our property in age, design, appeal, or location. Our listing agent provided 3 new comps and information on 1 of the comps the appraiser used stating he used the wrong sales price ($10k less than what he disclosed).
BoA issued a HUD 90045 stating NET price $220k which is 88% of the $250k appraised value.
Property has been listed since 4/23/10 originally at $249k and lowered every 2.5 wks to month. No offers until 6/21/10 when priced went to $199k. Thats when the $200k offer came in.
I know we need to dispute the appraisal but what is the best approach with BofA?
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