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Appraisal done today...

Posted by Darlene Pieracci on May 10, 2011 at 2:35pm in Short Sale Discussions
What does it mean when an appraisal has been done for our offer on the Short sale we want to buy?  What is the difference between the appraisal and a BPO in the sale?  What if our offer is not accepted due to the appraisal?  Is this the time the bank will counter offer?

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Replies

  • Jeff Payne May 11, 2011 at 2:25am
    Bank of America uses an licensed appraiser to evaluate the short sale value of the property, some banks use BPOs and some use appraisals. In my opinion, the appraisal is much better than a BPO because we at least hope the appraiser knows the market, instead of a BPO agent being brand new and being spoon fed BPOs and screwing them up because they do not know the market.
  • Abraham Walker May 11, 2011 at 1:03am

    Bank of America performed an appraisal and a BPO on one of my Short Sale listing.  The Appraiser said that her order was not a long appraisal (appraisal used in a normal transaction) but a foreclosure streamline appraisal (I'm sure there's a technical term for this).  So, an appraisal and a BPO can be ordered by the Short Sale lender.  The main differences is in the price and the amount of detail.  BPO's are cheaper and most don't require the person doing the valuation to measure the property.  An Appraisal is more detailed and usuall requires the home to be measured.  A licensed appraiser is the only individual that can perform a legal appraisal.  Anybody can perform a BPO.

     

    Hope this helps.

  • Darlene Pieracci May 10, 2011 at 3:45pm
    Thanks for following my questions, Harry.  This appraisal, today, was done by the sellers bank.  So, I'm hoping they come in lower...right (ha-ha)? 
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