One of my new agents to my office was just finishing off a short sale with her old brokerage and received an email that the contact at Nationstar now requires an appraisal for the short sale. Anyone else experiencing this? I know it used to be a BPO but a full appraisal is a hard cost and need to adjust my processes for these in the future if that is what it is.
Bruce
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We actually are having this problem right now. We were asked to do an appraisal because their BPO and the agent's BPO differed. A FULL appraisal was done and now they are saying that they are standing behind their $550K valuation even though our appraisal says $450K. The buyers of course are very upset they just spent $475 for this appraisal. After calling Nationstar today three times... are they even in this country, they all had Asian accents?
That sounds more like a value dispute due to conflicting values. Do you know who the investor on the loan is?
Bruce,
We currently are processing a few short sales with Nationstar as the servicer and they have not required an appraisal to be completed on our end. To my understanding, it's still a BPO.
Brett@ishortsalenow.com
310-564-6389
www.ishortsalenow.com