CITI OK'D OFFER VERBALLY, BUT END INVESTOR JUST DECLINED. PLEASE HELP!
BPO came in at 250K, gave citi offer a little higher, negotiator accepted verbally, but said needed final approval. Just came back and said end investor ( Hudson City? ) did their own property valuation and it came in at 390K and won't look at offers below 320K.
House is worth 250-275K max, won't appraise for more. Citi wouldn't give me Hudson City contact info so I can't "argue with the umpire". They seriously must be appraising a different house.
What can I do:
1. to dispute value with end investor ( citi said they sent BPO to no avail and nothing else they can do)
2. with listing. it is listed at 250K and I won't get offers for much more. Do I increase price to the 320K investor wants, knowing it won't appraise and getting an offer at this price will be nearly impossible?
Any strategies would be greatly appreciated so I can help my seller. Thanks.
Replies to This Discussion
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Permalink Reply by Tiffany Alleshouse on
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That is RARE. I would send comps and an explanation of value. By doing this, you will not be convincing them to change THEIR BPO value, but you might trigger them to order a new BPO. The very best solution would be to have the buyer pay for an appraisal to present to the lender, but I know that most buyers don't want to spend money on something like that.
Now, it is more difficult to give the lender the "magic number" (in your case... $320K) and then dispute the value at the closing, but in your situation, it might be a pretty darn good idea. Either way, it looks like the buyer will have to pay for an appraisal. -
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Permalink Reply by Dan Schuman on
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Thanks for the advice, Tiffany. I appreciate it.
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