I'm stuck with an unrealistic valuation
I currently am working a deal with LRC on behalf of Bank of America. The house had been vandalized and my list price took into consideration the condition of the property. I recieved an offer for $1000 over list price. I submitted it and the bank came back with their "appraised value," that was $14,000 higher. Interesting valuation, considering no one contacted me to gain access to the property. Obviously, it was either a drive-by, or someone just ran comps. Either way, no one representing BOA has seen the inside. I tried to push for an interior BPO and now I just recieved notification that the offer is too low to submit to the investor. I even submitted photos and a detailed contactor's bid, detailing the scope of work, to support the buyer's offer. No avail. They're sticking to their guns! Any suggestions?
Replies to This Discussion
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Permalink Reply by Short Sale Superstars LLC on
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Rob,
Who's the investor? Was your value dispute even submitted to the investor for their review?
310-564-6389
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Rob,
Did the negotiator even request a value dispute with FNMA? You can send your authorization directly to FNMA and try to escalate that way to FNMA Level 2 or you can go here http://www.homepathforshortsales.com/ and scroll to the bottom to " get started now ". It's important to know that value disputes with FNMA are extremely difficult right now, but with the right case and supporting documents it may be able to get done. Have you escalated this to high levels at BOA? It's important to know if a value dispute was already submitted because many times they don't want to complete more than one value dispute. Anyone willing to complete an appraisal? At times this is your best supporting docs along with repair bids ( if applicable ) .
If you have any additional questions let me know as my door is always open.
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Permalink Reply by Trong Dang on
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Rob,
At this point, bring all of your guns for the fight if you have them. I had a similar thing happen when Fannie countered two different buyers within a 2 months period from $275K to $377K (payoff of loan is abour $325K)!!! Rediculous!!! I escalated to 3-4 different manager/VP at the servicer, the answer was very similar, "we don't control what the investor do." Then I went to Fannie directly at the website Brett provided and escalated directly from there. I provided BPO, Listing History, Last 4 sales in the property neighborhood, CMA, Repair Bid, Inspection Report and history of email escalations to the uppers. I got an approval 2 weeks later for $285K, buyer is getting their loan done to close. I hope nothing else comes up... But if you are going directly to Fannie, I would recommend to just bring it all, even if they only asked for 1 or more of the documents above, give it all to them.
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Permalink Reply by Sheyenne Schultz on
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Gee why am I not surprised on the over inflated value....and knowing it was Fannie owned, as the investor...
yes...do your due diligence and send in your info...
I would never have worked with LRC either...but that's my opinion....they are a 3rd party working in between you and B of A..
but your real issue is not with the servicer, B of A...it's with the investor..who is over inflating the value
go directly to Fannie Mae
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Permalink Reply by Kevin - Greenville, SC on
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When disputing Minimum Net Reserve, at least one of the following documents must be included in the submission for review:
-Appraisal or Buyer's BPO (BPO that the Servicer did not order)
-CMA Report (w/ comp photos and descriptions), Listing History & Realtor Comments
-MLS Sheets of 3 to 6 Comps, Listing History & Realtor Comments
-Inspection Report with photos of repairs needed
-Detailed Contractor's Estimate with photos of repairs needed.*** Please resubmit this request along with the necessary information. *
Thanks,
Valuation Desk
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