Anyone had any luck disputing value with NationStar?

I have a SS in with NationStar - the property is in very poor condition and legally land locked. They had a BPO done in September where the Realtor gave value with repairs of 430K and without at 389K. I have an offer of 83,500 after 8 months of marketing. The Auction.com process produced no buyers either. NationStar is demanding that the only way to dispute the value is to get an appraisal. I found ONE appraiser who might touch it, but he wants 1000. 00 to do it.

I have argued that NO Realtor is within the scope of their license to estimate the cost of repairs, escalated, filed a CFPB complaint, get the same answer every time. Now they are threatening to pull the file from Equator and foreclose.

I would let it go, but I have known this family for 30 years. It was the family home - mortgaged way too high in the "good years" to pay off family members after the parents passed away. They want to sell it to this young man who will restore it and make it his home.

Karen

From your posts I presume that this property is currently vacant. If there is no tenant (borrower/homeowner) living in the property these regulatory complaints aren't worth much to your campaign.

If all of the heirs cashed out their inheritance using old "pre-housing-collapse" mortgage guidelines to do so I am not sure why you are stressing out over this transaction. Both the servicer and investor probably know this. All they have to do is look at that old HUD1.

Your buyer needs to pop the whip on the appraisal fee up front as Brian suggested for there is probably no other way to navigate around all of this. You can also prep your sellers for a large cash contribution demand.

I'd bet a buffalo nickel that Nationstar will want some of that inheritance cash back before final approval.

You may question your own judgement as well and choose to walk away. Advising anyone to pay a $1,000 for a residential appraisal may come back to bite you.

You should pre-qualify your short sales before you accept the listing. The collateral defects and super low NPV details you highlighted on this one screamed run away from it loudly on day one.

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SE Davis December 24, 2013 at 10:27am

Karen

From your posts I presume that this property is currently vacant. If there is no tenant (borrower/homeowner) living in the property these regulatory complaints aren't worth much to your campaign.

If all of the heirs cashed out their inheritance using old "pre-housing-collapse" mortgage guidelines to do so I am not sure why you are stressing out over this transaction. Both the servicer and investor probably know this. All they have to do is look at that old HUD1.

Your buyer needs to pop the whip on the appraisal fee up front as Brian suggested for there is probably no other way to navigate around all of this. You can also prep your sellers for a large cash contribution demand.

I'd bet a buffalo nickel that Nationstar will want some of that inheritance cash back before final approval.

You may question your own judgement as well and choose to walk away. Advising anyone to pay a $1,000 for a residential appraisal may come back to bite you.

You should pre-qualify your short sales before you accept the listing. The collateral defects and super low NPV details you highlighted on this one screamed run away from it loudly on day one.

This reply was deleted.