I am a prime victim of the BPO gone wrong!!!!
Have a short sale listing in Los Angeles with a IndyMac Mortgage Services Loan. I actually had an approval for $300K and the buyer had to back out before closing. A new negotiator was assigned and he sent out for a new BPO. It just came back and the negotiator now wants $375k for the property. There is no way the property will sell for that and I did not meet the BPO/appraiser at the property. I may not be able to do anything with this negotiator, but I'll never allow a BPO to go forward without me. Any ideas on how to get this new BPO in line with the real market?
Replies to This Discussion
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Permalink Reply by Jim Schneider on
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1st I would read the extensive list of bpo related tips in the bpo section.
2nd I would do everything I could to get a copy of the bpo, although it may be difficult.
3rd I would prepare a full bpo of my own that takes into account the most similar comps. If you were able to get a copy of the bpo, point out where they used comps that don't conform to the guidelines.
4th if repairs are needed I would get written estimates for all, and submit them to the bank
5th if all else failed I would cancel out the deal, re-submit, and meet the next bpo agent, with items 3 and 4.
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Permalink Reply by Frank Trejo on
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Those are great tips, thanks.
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Permalink Reply by Kimberley Kelly on
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I agree..cancel the file, re-list, get a new offer, re-submit and meet the new appraiser. I have this going on right now with Chase. They wouldn't even counter my offer (started at $710,000 and reduced to $499,000 and finally got an offer at that). Said it was too far below "valuations"..bullocks! Just re-listed it at their valuation # of $625,000 and will keep reducing until get an offer and start all over..what a crazy, inefficient system..
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