Shorts sale offer countered by over 50% of list price. Not one single comp in past year to support this value. What do I do next?

Wells Fargo has countered an offer on my listing in a highly distressed area by over 50% of list price. I submitted a detailed CMA to them with 9 comps all within the past 3-6 months all of which were closer to 8-12k yet they say that they believe their value of $42k to be accurate. I could not even fine ONE single comp in the area that has sold for that much in the past 12 plus months. What do I do at this point??????

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Permalink Reply by Sheyenne Schultz on February 3, 2013 at 9:17am

Several things. 1st when taking ANY short sale listing, find out WHO the investor is ABOVE the servicer's head, right at the beginning. This helps u in such disputes. 2nd, even if you don't know who the investor is...and u get a situation like your's above, get ready to do a BPO VALUATION DISPUTE...U will research the COMPS showing that THEIR suggested price, not only doesn't EXIST in the price range they are suggesting...but that it wouldn't EVEN APPRAISE...at THEIR PRICE..so HOW would ANY buyer purchasing the property with a LOAN, be able to BUY the property???  U will have to send in your comps supporting your evidence, any pictures that show damages,any invoice of repairs that would drag the price down, AND last but not least...an APPRAISAL(will help immensely) from your buyer's lender... or you'll have to obtain an independent appraisal ordered by the seller's, or seller's attorney if they have one, hold's more weight.

*The BPO dispute with supporting evidence comps, pics, invoices...etc...but the main item to SHOW them is an appraisal, and take this to the investor OVER the servicer's head, if servicer is still not budging. I've done this many times and have shown many servicers AND the investors, whether it was Fannie or Freddie, the truth!  That it IS what it IS!!!!

It doesn't matter what they want??? It matters what it will appraise at for ANY BUYER TO BUY IT and CLOSE A LOAN?

Hope this helps

 

 

Permalink Reply by Rerhi Onomake on February 4, 2013 at 2:53pm

Thank you so much. I hope this works. The buyer is obviously a cash buyer so financing really wont be an issue. I just hope that they will not have any issue when the appraisal comes back low. Do you think that they will still have an issue and try to discount the appraisal?

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