Hi All,
I have a fairly new short sale listing and the lien holder (Caliber Home Loans) obtained an Independent BPO that came in higher that market value. A rep in the short sale department at Caliber told me that the independent BPO did not list a single repair item. The home definitely needs over $20,000 in repairs to get it to average condition for the neighborhood. I sent the negotiator numerous photos of the repair issues along with a contractor bid for the repairs by way of a valuation appeal. She ignored my emails. Yesterday I submitted a realistic offer and the negotiator countered at the price of the Independent BPO.
So...Do you have any thoughts about current ways to deal with this valuation problem? It may help to know that the property has a foreclosure date of 11/18 so I'm a little stressed about the situation. Additionally, the offer I have is the only one received in almost 30 DOM.
Thanks in advance for your insights!
Pamela
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Replies
Who is the investor? I'd be escalating to higher ups if the negotiator is not entertaining the value dispute. It's a tough spot due to the sale date around the corner. Typically I'd try to do a value dispute once the sale date got postponed as they could say there is not enough time for review.
Brett@ishortsalenow.com
310-564-6389
www.ishortsalenow.com