Replies to This Discussion

Permalink Reply by Ann Howard on March 27, 2013 at 12:32pm

Did they do an appraisal and it came in at $125,000? If the only offer you got was $50,000 and there are comps to support that price, I would appeal and send them in the comps to support the market price.

The borrower can ask for the appraisal and they have to give it to them, but they will need to request it.

You should be able to see what comps that they used to support that price.

Good luck to you.

Permalink Reply by Camille Roberts on April 3, 2013 at 4:57am

Hi how do I initiate an appraisal or value appeal? I have absolutely no doubt the banks requested offer price of over $70k is way out of range for my SS listing with no appliances and cosmetic work needed. Thanks

Permalink Reply by joe beauchamp on April 3, 2013 at 7:07am

Here is a BPO dispute form from BofA. They bought their BPO co some time ago, Landsafe. Read it looking for traps. It used to say do not compare to subject property and other things that you naturally would do, since that is the whole point of the BPO dispute. So be careful to not have it thrown out because you did what was logical and not allowed. If the negotiator is paying attention, he may have a more specific form for FNMA - I have a slightly different one for FHLMC, for instance. So, you may have to move your info to a different form once you submit it.

Attachments:

• BPO DISPUTE form BOA.pdf, 633 KB

Permalink Reply by Anna Chroscicki on March 27, 2013 at 3:22pm

I know. And I feel your pain. I am working on short sale since 2011 ( two years in a week or so). Offer I have is for $110,000. We actually already had two or three approvals, but because there are two mortgages and we had some issues with second. it lasted that long....Finally we came to agreement with second, but we needed extension from first ( first is Indy Mac- Fannie Mae). They told us that they have to order new BPO. Few weeks later came back with $156,000 counter offer. Of course we are trying to fight it. I did CMA, we sent estimate of repairs from licensed contractor, but my gut tells me it will not work. Does anybody know how they come up with those values ? I know for a fact that this is not what BPO shows, so....what is it ?    Two years....I want to cry...:(

Permalink Reply by joe beauchamp on March 28, 2013 at 3:02am

I have found REDC to be hot and cold - horrible for some files and actually reasonable on others - inconsistent. You could be hit by that, however, note that the overall scheme (scam?) of FNMA right now is their admitting that they have been adding 20% to the BPO for their demands. They seem to only back down when you bring in the news media or a state senator, if then. FNMA happily forecloses then offers the property on their website with a bonus for suckers - uh, buyers - you don't have to get your own appraisal and they will give you a loan for the property (at 20% above market value) - thus demonstrating the fed bailout's helping the American public by perpetuating the market fraud that got us into this mess. Just a simple, typical political solution these days. (I have submitted 4 BPO disputes to Freddie over a year's time where they want $360K for something where the top of that market is $280K and the property is probably worth $240K at most - and they are supposedly not playing FNMA's game.) Yes, another fed bailout with a keen eye on paying back to us for bailing them out -- not... ;-)

[Take into account that I am a tad discouraged at redoing things for BofA's hourly paid employees over and over while I watch my hourly income go down to $0.18 to submit to their delays and screwing around - so maybe you want an answer from someone who sees the BofA/FNMA hormone laced glass half full? HA!]

Permalink Reply by Anna Chroscicki on March 28, 2013 at 6:57am

Right ? It is sooooo nice to see our taxpayers money working for big banks/ investors ( whatever FNMA is). But really.....They have nothing to lose. If market collapses again- here we are...ready to get more in debt just so we can save this "too big to fail" company again.....

Permalink Reply by TOP END Properties on April 2, 2013 at 2:52pm

You need to initiate a BPO Valuation Dispute.  They will ask for 3 Comps, but I recommend a full BPO.

Permalink Reply by Elvira Quiray on April 2, 2013 at 3:44pm

I will get one ready. Thanks for the input.

Permalink Reply by Camille Roberts on April 3, 2013 at 4:54am

Hi, I am happy to do a full BPO But i also know they will not accept a BPO From me due to confluct of interest. What do you recommend, and how do I initiate an appraisal or value dispute? Thanks, Camille