EMC (Chase) - BPO came in at 119k - But they will only accept an offer of 218k

Can someone explain this to me?

I have a seller whose going through a short sell with EMC

EMC ordered a BPO and that value came in at 119

My client had an apprasial completed value 115k

 

EMC says they will not accept anything less than 218,000

 

Does this make sense? Can someone explain this to me? EMC reps will not explain why or how they got that 218k value

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Permalink Reply by Richard on August 27, 2011 at 7:29am

Berry,

 

Please excuse me, as I'm little confused.  I may be wrong but I think the real pros here (not myself) may need a little more information and clarification.  Your subject line say the BPO is estimated the home at $119k but, in the body of the post you show an appraisal at $115k and a BPO at $218k.  Please clarify.

Permalink Reply by berry.bowen on August 27, 2011 at 7:35am

Well the BPO order by EMC came back at 119k

My sellers had an independent appraisal completed which came back at 115k

 

EMC will not accept anything less than 218k

Permalink Reply by Jason Opland on August 28, 2011 at 2:21am
Has the appraisal for $115,000 been submitted to the bank? If so have you spoken to a manager or the executive offices at the bank?
Permalink Reply by berry.bowen on August 28, 2011 at 3:35am

yes and everyone is telling there is nothing they can do etc..

the apprasial was submitted with proof 2 homes on the same street with are comps sold for less than 130k and those homes were much nicer than this current one

Permalink Reply by Jeff Payne on August 28, 2011 at 4:11am
Who is the investor on this loan?
Permalink Reply by berry.bowen on August 28, 2011 at 4:16am
Wells Fargo is the investor
Permalink Reply by Ellen Levy on August 28, 2011 at 5:36am

I am having a similar problem with Chase.  My BPO says $150K.  Their appraiser said $225K.  I have had four offers in 306 days, all around $140K.  The seller has signed an ofer for $144,500.  Chase may go ahead and foreclose.  A recent foreclosed listing nearby brought $57,500.  What is wrong with these people?

 

Permalink Reply by Catherine Smith on August 28, 2011 at 9:51am
This file may be one that they want to foreclose on because they would make more money doing that.  Not in a retail sense.  Wells Fargo is also one of those banks notorious for foreclosing.
Permalink Reply by Alejandro J Morin on August 29, 2011 at 4:47am
Please try to determine on FNMA and FREDDIE MAC websites if the loan is theirs, or not. Many times a lender's representative will not be upfront and tell you who the investor is if they have authority as the servicer to make decisions. Then, the probability that they are using AVM to determine value is likely. Request escalation of your file, resubmit the appraisal, and present your trend report to help the negotiator, with photos and repair estimates, if any. Don't give up, keep pressing for a supervisor, manager, resolution management team, etc.
Permalink Reply by Carol Pease on September 3, 2011 at 4:12pm
It does not make any sense to me.  Have you tried to escalate this?
Permalink Reply by berry.bowen on September 3, 2011 at 4:18pm

thanks.. it makes no sense to me at all

 

i've went to the "executive office" waste of time  it seems

 

but i was able to get the direct number to the EMC Short Sale presidents office. So I will see how that works out on tuesday

 - I was only able to get the number because an agent in our office had an emc short sale and EMC mistakenly foreclosed on the property and the president of the short sale department sent her a letter with apologies etc.

Permalink Reply by cat gellatly on September 8, 2011 at 2:07pm
So don't leave us in suspense. What happened, did the president's office step up to the plate? I was told that EMC lost their servicing contract with Chase and since that happened they just don't seem to care. They were one of the best servicers to deal with on short sales. I am having the similar problem. I have a seller whose water pipes burst flooded the bathroom and bedroom. The carpet was taken out, needs plumbing work, the walls had to be cut sot hey could find the broken pipes. The water is now off but the buyer said he would still take the property if we can get the bank to come out and reappraise. I cannot get them to come out and do another BPO to inspect the house. They cannot do BPO's within 90 days of the last BPO. It's just so annoying -- all I hear is there nothing we can do. Their inability to get out of their own way, costs them money. It's just pitiful.

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