Replies to This Discussion

Permalink Reply by Smitty on September 21, 2010 at 1:53pm

I've done a few challenges. Present them with the reason they should accept your offer. Show them days on market, your supporting comps, and even an independent CMA from another Realtor if you think your offer should be considered. It costs an average of $65,000 to foreclose, so take that number plus whatever their holding costs, including property management, taxes, etc might be. Show them why your offer today is better than them foreclosing.

The other thing I've had a buyer do is hire an appraiser. If I KNOW that a BPO is way off, then most lenders will seriously consider the appraisal amount. They may have hired a BPO agent from outside a particular area that may not know the street is rough, or near an industrial area, etc.

Good luck.

• ▶ Reply

Permalink Reply by Jeremy James Jack on September 21, 2010 at 1:57pm

Thanks for the help...!

Smitty said:

I've done a few challenges. Present them with the reason they should accept your offer. Show them days on market, your supporting comps, and even an independent CMA from another Realtor if you think your offer should be considered. It costs an average of $65,000 to foreclose, so take that number plus whatever their holding costs, including property management, taxes, etc might be. Show them why your offer today is better than them foreclosing.

The other thing I've had a buyer do is hire an appraiser. If I KNOW that a BPO is way off, then most lenders will seriously consider the appraisal amount. They may have hired a BPO agent from outside a particular area that may not know the street is rough, or near an industrial area, etc.

Good luck.

• ▶ Reply

Permalink Reply by Kimberley Kelly on September 25, 2010 at 1:48pm

I have also found that having a BPO done of your own, from a local source helps alot. Only costs $50 per Short Sale and I get them done at Listing, then at submission. The better to time my pricing..

• ▶ Reply

Permalink Reply by Edee Campbell on October 12, 2010 at 12:43pm

Ditto. Wells Fargo has "approved" a Short Sale but wants to net an amount that will require the buyer to increase the purchase price by $118,000

The lender will not tell us the amount of the "appraisal/BPO" only that they do not agree with our comps. (we have the listing)

How do I get beyond this point and have a "correct" market value in place for this sale? Does anyone have a contact at "the top" in Wells Fargo/Wachovia that can help?

• ▶ Reply