Has anyone had luck disputing a Wells Fargo BPO for Fannie Mae? 

 

I have a buyer on one of my WF short sale listings that went to the length of ordering an actual FHA appraisal, it comes in at 212k, they increase their offer to 205k and Wells Fargo and Fannie Mae have stated they won't use a lender appraisals value opting to use the Brokers Price Opinion.  I've even sent the appraisal to them and tried to escalate the file with no better result.  Foreclosure date Feb 11.

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I am sorry. I just came across this message on the day of auction. I hope you got things figured out. I am an expert getting lenders to "re-visit" their values. If you need help again, please send me message!

Hi! My BPOs are coming back VERY high. Sometimes they are higher than the highest closed sale in the neighborhood/complex. I send over comps (good comps too!! Recent closed, exact same area, Same number beds and baths, etc), inspection reports, pictures etc. Pretty much anything that I think will help. However, I've yet to have any bank budge on the BPO value on any of my listings. Will an appraisal help? Also, a Broker told me the agent doing the BPO is the same agent who the bank will give that listing to if it forecloses. Is that true? Wouldn't that be a huge conflict of interest? If we can't get them to come down in price, is there someone or a place the Seller can file a complaint to? When ever I change my listing in the MLS to reflect the BPO value that the banks wants, showing requests almost stop immediately . When I do get calls on them, it's usually from agents asking me if I'm crazy for listing it so high. Any advise would be GREATLY appreciated! I'll be happy to start sending out appraisers if it will help.

Ask to escalated to a marketing rep/supervisor- Do your own BPO and submit it- there is a good BPO template on this site- use 3 good settled comps and 3 actives-MAKE SURE THEY ARE VERY, VERY RECENT- time is on your side as market conditions and comps generally fell in the later part of 2010 when most BPO's were generated.  Write a supporting letter and demand an appraisal review. IF THE PROPERTY WILL NOT APPRAISE FOR A NEW BUYER-- IT IS NOT GOING TO SELL TO ANY BUYER FOR THE VALUE TO BANK DEMANDS. However, Aaron, if the appraised value that you submitted on behalf of your buyer was $212,000 and your buyer "moved" to $205,000 you didn't exactly do your cause any good without any letters, comps, BPOS or additional supporting info.  My advice, do the BPO I suggested, and when you get to near the $205 value- under support if possible that $205-$212 value range-when you conclude the BPO-  ASSIGN 2 VALUES- MARKET VALUE XXXX AND 30 DAY SALE PRICE XXXXX - assume 30 day sale price to be "liquidated value" WRITE " this 30 day SALE PRICE was determined an industry standard of - 15%. to arrive at liquidated value" -- It always helps to show you are in a falling market...

Hi! Where can I find the BPO template? What do you mean by "30 Day Sale Price" ?

ugg- just noted the date-- well- notes for another day

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