We have run into problems with lenders being unrealistic with property values. No matter what we provide or try to explain, the banks reply with a number too high for us to get any sort of activity. They have denied requests for re-evaluation and our Sellers are forced to wait it out until they foreclose. Providing very current comp sales, explanation of the market, along with numerous offers at current market value doesn’t seem to make any difference. Their BPO was done and even if it was 90 days ago they are sticking with it.
Any help with trying to get the banks to a more realistic value would be appreciated. -Thanks
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