We Are Being Asked to Get A Full Appraisal and Re-Submit?

Is this the famous Rhonda Duffy in GA?

YES, I have encountered this non-sense from multiple lenders. I can only guess why they do this case by case.

I have developed a pre-submission strategy when “applicable” (the “when applicable” definition is an entire separate post in itself).

Here are three ways that I have navigated this demand.

1) Listing Agent BPO- At the time of this absurd request with an appeal letter to keep the file open or other request. Demand that both lenders order an interior appraisal report.

2) Buyers Agent BPO- Best submitted at time of hardship package initial delivery, this is a buyer price support doc, consolidated with the Listing contract and the MLS report in the same document. Somtimes this doc will be separated from the file and you need to tele-confirm the lenders acknowledgement and receipt.

3) Buyers “paid for” lender ordered appraisal report. This is the “holy grail” SLAM IT CLOSED REPORT. Best add an addednum with the buyer approving this expense as a shared risk to expedite short sale process language.

This way nobody is spending money that is not normally spent and you don’t have to gamble on a reimbursement request on the HUD1 that is not likely to be approved.

Here is the attachment doc that has been working:

Understand that every line and every item in that 2 page report needs data placed in it. Limit the use of N/A and never leave one item blank.

If you would like an “eyes wide open jaws dropping” FREE-1 hour “short sale closing” seminar in your office I am happy to serve.

Good luck!

CEN-BPO.doc

Replies

SE Davis April 30, 2012 at 11:11am

Good it should be fun.

I just left you a voice message.
Rhonda Duffy April 30, 2012 at 10:43am

Hi,

Yes, I would like to take you up on the 1 hour closing session.

Rhonda Duffy

678-366-8039
SE Davis April 29, 2012 at 2:26am

Is this the famous Rhonda Duffy in GA?

YES, I have encountered this non-sense from multiple lenders. I can only guess why they do this case by case.

I have developed a pre-submission strategy when “applicable” (the “when applicable” definition is an entire separate post in itself).

Here are three ways that I have navigated this demand.

1)    Listing Agent BPO- At the time of this absurd request with an appeal letter to keep the file open or other request. Demand that both lenders order an interior appraisal report.

2)    Buyers Agent BPO- Best submitted at time of hardship package initial delivery, this is a buyer price support doc, consolidated with the Listing contract and the MLS report in the same document. Somtimes this doc will be separated from the file and you need to tele-confirm the lenders acknowledgement and receipt.

3)    Buyers “paid for” lender ordered appraisal report. This is the “holy grail” SLAM IT CLOSED REPORT. Best add an addednum with the buyer approving this expense as a shared risk to expedite short sale process language.

This way nobody is spending money that is not normally spent and you don’t have to gamble on a reimbursement request on the HUD1 that is not likely to be approved.

Here is the attachment doc that has been working:

Understand that every line and every item in that 2 page report needs data placed in it. Limit the use of N/A and never leave one item blank.

If you would like an “eyes wide open jaws dropping” FREE-1 hour “short sale closing” seminar in your office I am happy to serve.

Good luck!

CEN-BPO.doc
Bryant Tutas April 29, 2012 at 1:11am

xx
Smitty April 25, 2012 at 4:03am

Wow. I would get the appraisal, pay the guy, then put a line item on the HUD-1 for reimbursement to ME. I have no problem getting the appraisal for them if they are paying for it.
Jeff Payne April 25, 2012 at 3:17am

Very strange, never had this happen with BofA or Wells. Some small credit unions and smaller banks will require it
Satar Naghshineh April 24, 2012 at 5:53pm

That's news to me. Both banks on two separate short sales requested this? If so, maybe they lost their vendor for your area???

This reply was deleted.