I am on my 4th offer! The first BPO has expired. They've done another rushed BPO and the investor has come back with 'We are going with the first BPO not this one." The first one was completed in August & extremely high. Even if I get the buyer to meet the bank's net price the new appraisal (the correct one) is going to throw the entire deal off because the buyer's bank will not approve it. I feel like the WANT this house to go to foreclosure!!! The seller clearly doesn't!
My question is how do I get this through to the Investor? I need him to see the appraiser from the buyer's bank will not approve the loan or any other bank.
**********************************
like buttons
Replies
I feel your pain. Unfortunately, it does feel sometimes like they want it to go to Foreclosure and perhaps they do. If your negotiator isn't fighting for you, it's going to be really hard as Bryant points out below. Send all supporting comps and as Bryant mentions, the Lender appraiser if it's a loan, to Suntrust directly. Good luck!
All the BPO's/Appraisals were ordered by Suntrust! So the first BPO has expired but they came back with 'we are taking the first BPO." The negotiator told us the recent BPO/Appraisal value came in lower than the first BPO. I am quite sure they came in with the accurate market value for the house the 2nd time around. We have to follow such a standard and the law but they pick and choose on these things. We have forwarded comps and you would think with a new BPO followed by a new Appraisal 2 days later...I think I will have the homeowner call next. You can imagine their thoughts after a 4th offer.
We are going through the same ordeal now. BPO's happened, and came back with "we are going with the highest BPO," and the investor from TX, is steering the train! He is denying the shortsale, causing Suntrust to relay this news to us.
The house we have listed under contract (going on 10 mos with this ss) will not sell for 75k more - but the investor seems to think it will!! Ugh - what to do-homes in this area are going for $300+, and the contract is for $197k, it's in worse shape NOW compared to when it went under contract in OCT 2011, 3rd contract...and investor is looking for no less than $269k. Ironically this ss was accepted originally, but expired in May due to the 2nd lien holder stalling their approval. Suddenly a new BPO had to happen, and then the denial came.
Did anything happen in your case?
Can you send the buyer's bank appraisal to Suntrust which hopefully will substantiate the 2nd bpo price? I include a simple QWR in my short sale packets now so I get the investor info up front. You CAN try to call and GET the info or have the homeowner call to get it and keep pushing. The problem is even if you get it, it doesn't mean the investor will help. Sometimes it can be a pool of investors, which will do you no help, or you get some diluted message from the servicer discouraging you from calling them stating the investor will only direct you back to the servicer. I'm not saying don't try to get it, but it's NOT always the ace in the hole.
Send them a market analysis supporting the buyer's offer. OR send in comps that have sold within the last 3 months within a 1-3 mile radius. The biggest problem is many of these servicers won't allow you to use short sales or REO's which is ridiculous.