Comment

Comment by Cindy LaPeer on October 5, 2010 at 6:06pm

I called Fannie Mae about it and they told me that we could request and get a copy of the BPO. They were probably just giving me a line of bs, too! It will be interesting to see what happens since the AG of TX demanded that many of these lenders stop their foreclosures until this mess is figured out. Maybe they will be a little more willing to work w/us on the short sales.

Comment by Juan-Manuel Valera Jr on October 5, 2010 at 5:26pm

BofA ordered a new BPO 10 days prior to me closing a short sale deal. The appraiser completed it 4 days prior to the closing date. The next day, I received the denial letter from the investor. When I asked for the results, the negotiator informed me that he did not have the results. I asked him why was a BPO ordered if it wasn't taken into consideration. He simply said because it had been awhile since the last one was done and it was required before the closing. I was able to contact the appraiser directly and although she could not disclose the information, she did inform me that her report placed the property well below the offer price we had with the lender. With that said, I knew immediately that it was just another tactic to decline the short sale offer. It is really frustrating but like Roland says below on Oct 1, do your own. Be prepared to fight tooth and nail with BofA!

Comment by Cindy LaPeer on October 1, 2010 at 7:31pm

"payment" not "program"

Comment by Cindy LaPeer on October 1, 2010 at 7:30pm

Thanks. They are refusing to postpone the foreclosure date of 11/2 even though we haven't asked for a postponement before. And her first missed program was July! I asked about the HAFA program when I submitted the offer and they told me that it wouldn't be worth it b/c I would have to start the process all over again. Now, or course, she doesn't qualify b/c she is behind in her payments. I was just hoping I could see their BPO so I could see if they were giving me a line of crap w/their counter offer.

Comment by Bryant Tutas on October 1, 2010 at 12:52am

Cindy. They aren't going to tell you. Just prepare you own BPO and send it to them. You need to send them hard cold market stats. Forget about their BPO it makes no difference. Their BPO does not change the true market value of the property. Counter their offer and back it up. You can upload your market data into the system as an attachment to an email making your case.

Comment by Cindy LaPeer on September 30, 2010 at 5:24pm

They won't even tell me what the BPO is! If I knew, I could dispute it. I've already told them that the Realtor who did it is from a town about 30 - 40 minutes away.

Comment by Bryant Tutas on September 30, 2010 at 1:02am

The BPO belongs to the lender and they do not have to release it. If you don't agree with the value then submit your own BPO or appraisal and make your case. BPOs can be disputed.