No doubt, it is a common situation. The BPO comes in higher than the price you have your home listed for. But normally, the bank is willing to negotiate a bit.
So... this is my 3rd deal with Chase in the past year and I am getting the feeling they don't negotiate off the BPO value.
I have had this home listed for about 4 months with few showings and NO interest. The original BPO came in at $150k. I am listed at $139,900. I challenged the BPO and remitted a dispute CMA with all the comps. Two months later, they came back and said their value still holds of $150k.
I asked if they could give me a rule of thumb regarding BPO-to-offer value and my negotiator said that they want the BPO price. Not a penny less. This could be a negotiation tactic, but I don't even have an offer yet. I asked the negotiator how I am to get an offer for a higher price than what the home won't even currently sell for. She referred me to the other 'available options for the homeowner' (eg: DiL).
From your experience, are you seeing Chase stick very closely to the BPO value? I know I can't get anywhere close to the BPO value. I don't want to let this one go, but I also don't want to spend 4 more months if I am sure the offer will be declined.
Any thoughts?
BTW: This is a FNMA loan.
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Your best "dispute" is to order an appraisal yourself to prove the value! THAT will get their attention and regarding Chase being hard and fast at you meeting the BPO 100% -- I have closed many with them and I do not believe that to be true.!...
If your really hopeless .. give them the satisfaction of 30 days at $150k then lower $10k every 2 weeks until you produce an offer or reasonable showings. Sometimes they just have a process/system to follow and you just have to play along.
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