B of A- no more BPOs
Just spoke with a Bank of America negotiator today who's in Delaware. She says many changes are coming, one of them, no more BPOs or appraisals....they are moving into using AVA or AVM (like Zillow). Can you imagine how that will screw things up> no actual human being looking at our listings...?
Also, have you noticed on Equator you can't just upload docs to the library, you now have to speak with the negotiator and spew lots of info including monthly expenses in order to "qualify" for the appraisal...
B of A used to be the easiest approval letter to get for me...geting a little worried here.
Replies to This Discussion
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Permalink Reply by Jim Stewart on
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My prediction: MDRA will be extended. 2012 is an election year and both sides will be pandering to voters in extreme levels.
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Permalink Reply by Bryant Tutas on
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Great discussion guys. Almost all of my short sales are investor owned properties so the MDRA doesn't apply. Investors don't seem to care to much about the 1099c. I guess they figure they are insolvent and can avoid the taxes anyway. My guess is homeowners doing a short sale will also be able to declare insolvency. I don't think this going away will be that big of a deal.
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Permalink Reply by Ben Benita on
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As ALWAYS, find out who the Investor is, and, SPEAK TO THEM....they make the decisions, NOT B of A unless teh loan is a portolio loan, or "HFI" held for investment.
No more BPO's - would not sruprise me, remember, B of A is the LARGEST LOAN SERVIER IN TE COUNTRY, they get paid to service loans, NOT to close short sales!!!
Keep fighting guys!!!!
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Permalink Reply by kavon kent on
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when did you find out this
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Permalink Reply by Amelia Keene on
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oh great..... using Zillow which is incorrect so much of the time.. rrghh!
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Permalink Reply by Jeff Payne on
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Bank of America has an AVM that they have used from time to time. I tried to find the link, http://www.bankofamerica.com/modular/index.cfm?template=hc_home_wor...=
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this is SCARY, there is an 18% variable in teh home we currently live in.
I know B of A also uses this company for valuations and AVM confidence scores:
http://www.lpsvcs.com/LossMit/Valuations/Pages/default.aspx
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Permalink Reply by Frank Shamoo on
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I think that is a great idea, Appraiser's and or Real Estate Brokers are who screw up short sales. Bank know what they are doing. It's Real Estate Agents that have the lack of knowledge.
This will speed up time and know you will be able to use your own AVM, by they way, if you were not doing in the past, my point to why Agent are who screw up short deal.
Embrace what is coming and work with it, it's not that bad.
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Hello Jeff,
Don't struggle with it, use your own, it's the same info.
Jeff Payne said:Bank of America has an AVM that they have used from time to time. I tried to find the link, http://www.bankofamerica.com/modular/index.cfm?template=hc_home_wor...=
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Permalink Reply by Susan Milner, SFR, CDPE, GRI on
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I had the same conversation today. Denied due to 'offer being too low' yet no valuation was done. She told me to upload comps and photos of the subject and so I did and so we shall see. What a mess.
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Permalink Reply by Sharon Alters, CDPE, GRI on
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Here's how it worked for us when another bank used an AVM. We had a waterfront short sale and the value came back less than the lot alone, and there was a house with swimming pool and dock on the property. Of course, the AVM had no way of calculating waterfront properties only. We worked it out by going around the guys who stuck by their AVM but it was H-A-R-D!
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