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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The best approach is to have the buyer use BofA to get their loan done. if they don't want to use BofA to actually get funding, that's fine, but they should cross qual & ORDER AN APPRAISAL OF THEIR OWN that is ORDERED by the BofA loan officer.

Do NOT let that appraiser enter the home without YOUR being there, at least the agent side who is disputing the value. Buyer agent, listing agent, whomever. Show up with your Army of comps in hand & fight it hard. Hopefully that appraisal will come in where you need it to & then submit that full report into the LIBRARY of Equator.
I agree with Emily the listing agent, in particular, needs to be there for the BPO. In my experience, on the buying end, BOA did not budge. In one situation my buyer went up the requested 20K (buyer's lower appraisal didn't help) and on the other transaction the house went into foreclosure.

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