I have a contract for $180k and the BPO Seterus ordered came back at $280k. The BPO agent made the same mistake I did when I first listed the property, which was not understanding the serious construction and maintenance issues that exist. We submitted a valuation dispute with over 100 pages of detailed explanation, photos and quotes of what the problems are and the cost to cure. Seterus came back and said that in spite of all the issues that has come to light and some new comps, they are sticking to their $280k number.
Does anyone have a contact or an idea on how to proceed from this point? Fannie Mae is the investor so I thought the Short Sale Assistance Desk might be worth trying. Thank you.
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I just had a similar experience, it appears Seterus does not even consider the BPO value when negotiating. They are merely looking at your list price and basing their value on that.
I made the mistake of not reducing the price to reflect the offer...I usually do, but we managed an investor offer quickly, and listed the property much higher than actual value...now I could be up for a battle.
I take the blame on some of this but the VALUE is the VALUE....list price is just that
100 pages is way too much for them to look at. I would try to condense what you want looked at, and get it in the highest up hands possible at the bank. For a value dispute of that size, you may need to push for/wait for another bpo..best of luck!
I agree with Joshua, 100 pages is far too much for them to read.....