Replies to This Discussion

Permalink Reply by Jen Hill on August 7, 2012 at 10:04am

Hi Kay!  I have a sample one we used to dispute value with US Bank.  If you'd like to email directly at [email protected] I'd be happy to send to you.  :)

Permalink Reply by SE Davis on August 7, 2012 at 10:47am

The lenders dreaded FLASH BPO.

Kay I've used a listing agent BPO to defeat these flawed values this can be a much better argument than a challenge or dispute letter.

See attachment.

Attachments:

• CEN-BPO-10-31-11.doc, 284 KB

Permalink Reply by joe beauchamp on August 7, 2012 at 11:00am

I have not dealt with Chase in a couple of years (others in the office do). However, I have found with WF and BofA that it is by far best to "official" ask for the value dispute form and/or rules. This makes the negotiator respond to your request. Sending comps, etc, just go into the trash. They are told to obey the BPO, and your complaints are just noise, but an official request for a value dispute seems to get a response and will be evaluated. I suspect that officialdom also is treated this way at Chase. Make it formal and straight forward - they have to either give you the real thing or come up with a reason why they dont' - much different from simply ignoring your CMA's and complaints, right?

Permalink Reply by Troy Sage on August 7, 2012 at 1:06pm

I don't have an example of a dispute letter but my basic outline I do the following

1. Generate New Comps
2. Ask the LM who performed the BPO, then I dispute it by asking if they are a licensed agent, and is the BPO agent affiliated with a REO agent
3. If any repairs are needed to the property I send over 3 estimates for repairs, then reflect the value minus the average repair costs.

I have found it most effective to talk with the LM and see why the Investor feels the property is worth more than current value.  I then remind the LM that the investor will spend more money by letting the property go to foreclosure, and as of now we have a viable buyer, but the property may not appraise at the value the investor is requesting.

Hope this helps.

Troy

Permalink Reply by Keji Ogunleye on August 8, 2012 at 3:39am

The last time I dispute value with Chase.. I emailed the negotiator an extensive CMA to show that the value is what it is... 

Permalink Reply by Jeff Payne on August 8, 2012 at 3:50am

First, ask them to share the BPO with you...

Permalink Reply by Jan Sanderlin on August 8, 2012 at 5:38am

Kay, Chase has a department that handles nothing but value disputes...Your negotiator is in the best position to assist you with this.  Provide your negotiator with detailed closed properties preferably in a 1/4 mile radius or in the same subdivision with the same property designation ie: condo, SFR, PUD.  Your comparables have the best opportunity to clearly back up your claim. Write on the details to show, same sq ft, same condition, etc  If your negotiator will not assist you, then go into customer service and request that your file be escalated to their property valuation dispute department and back up the request with your comparables.  Good luck...