An agent from emortgage did a BPO ($158,000 valuation) then an FHA appraisal ($165,000 valuation) was done on a town house we listed. It has a repaired cracked slab.
Fannie claims they did a BPO ($190,000). We are arguing that their's has to be an AVM as there is so large a difference from the BPO and appraisal that were done by 2 people.
We have escalated to the top of the Fannie food chain twice and have ended up speaking with a Portfolio Manager and also a Level 2. Each one claims they have a BPO but will not disclose who - or what - did it.
Does anyone have a Fannie contact who can discuss this logically so we can get a resolution?
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I am looking for agents whom has requested Fannie Mae send the borrower a copy of the appraisal/bpo per the CFPB mandates, But Fannie Mae has denied them citing those reports are proprietary...
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A BPO is not their only tool for valuation...
Hi,
I only know of 3 ways to value a property - a person does a BPO or appraisal or a computer model creates a AVM. Please give further detail on your answer.
For a variety of reasons they may or may not use the BPO or BPO's as the value to establish their opinion of FMV. For whatever reason this seems more common on Fannie Mae loans.
Think zillow as well, yes, zillow...