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  • Ways to deal with an overpriced independant BPO that is killing my short sale?

    Hi All,

    I have a fairly new short sale listing and the lien holder (Caliber Home Loans) obtained an Independent BPO that came in higher that market value. A rep at the bank told me that the BPO did not list a single repair item and the home definitely needs repairs. I sent the negotiator numerous photos of the repair issues along with a contractor bid for the repairs by way of a valuation appeal. She ignored my emails. Yesterday I submitted a realistic offer and the negotiator countered at the price of the Independent BPO.

    So...Do you have any thoughts about ways to deal with this valuation problem? It may help to know that the property has a foreclosure date of 11/18 so I'm a little stressed .

    Thanks in advance for your insights!

    Pamela
    Pamela Palmer, Office Manager, Prudential Fine Homes Specialist..916-837-4500
    El Dorado Hills, Folsom, Sacramento California Sales & Marketing
    http://www.askpamela.com

  • #2
    Re: Ways to deal with an overpriced independant BPO that is killing my short sale?

    With your next counter offer, you might submit with the repair bid attached and referenced in the counter offer. They could be just looking at the final value and not have access to the dispute during the negotiation process.

    I have a short sale with them right now, and we had to dispute the value. One of the biggest problems with this particular listing is that it has a well that went dry. They wanted us to get a bid for how much it would cost to fix, but with wells, their is no guaranteed cost (depth, does the second well even produce any water, etc..)

    It took them about 4 months to agree with our reduced value, but they reduced substantially, to the value we suggested. Ours doesn't have a foreclosure date set, so maybe ours was low priority.

    I would ask them if the foreclosure was delayed when you submitted an offer for them to review. If that is the case, you might have bought some more time for your value dispute to be taken seriously. Will be interested to hear how this goes for you.
    Kim Knox
    Principal Broker, Owner, ABR, GRI, PME, A-REO, REDCpro,
    541-899-7222
    Licensed to conduct Real Estate in the State of Oregon

    Comment


    • #3
      Re: Ways to deal with an overpriced independant BPO that is killing my short sale?

      That is great information and insight. The offer expired on es.Net today so I will resubmit with the contractor bid attached. For what it's worth, the negotiator recently asked me to send her "one comp" supporting the offer price. So that was encouraging! Thank you Kim.
      Pamela Palmer, Office Manager, Prudential Fine Homes Specialist..916-837-4500
      El Dorado Hills, Folsom, Sacramento California Sales & Marketing
      http://www.askpamela.com

      Comment


      • #4
        Re: Ways to deal with an overpriced independant BPO that is killing my short sale?

        Interestingly, we got an approval about 2 weeks after submitting an offer, so they are very fast. Additionally, they offered the Seller $13,500.00 incentive pay on a $90,000.00 sale.
        Kim Knox
        Principal Broker, Owner, ABR, GRI, PME, A-REO, REDCpro,
        541-899-7222
        Licensed to conduct Real Estate in the State of Oregon

        Comment


        • #5
          Re: Ways to deal with an overpriced independant BPO that is killing my short sale?

          Congratulations! You did well. Unfortunately they were fast on my sale but fast to foreclose. They would not give me an extension to allow time to dispute the stupid high BPO. Oh well, that's the risk I took when listing a short sale with an auction date. it still stinks.
          Pamela Palmer, Office Manager, Prudential Fine Homes Specialist..916-837-4500
          El Dorado Hills, Folsom, Sacramento California Sales & Marketing
          http://www.askpamela.com

          Comment


          • #6
            I know this is an old thread, however I work with banks and have for almost twenty years. Here is a little insight on repairs on a short sale. Here is the issue. The mortgagee and mortgagor have a contract. Its typical called a note. Most notes have a section that calls for the mortgagee to maintain the property in fair market and safe condition. Therefor the mortgagee is expecting the property to be in that condition and or the mortgagee will get it there. To that end you are trying to negotiation both a short sale and what the mortgagee is contractually required to do

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            • #7
              Opps the above post was mine. I forgot to sign in so sorry
              Alan Plager
              Berkshire Hathaway HomeServices
              Top Ten for units US 2015
              Over 6,000 Units Sold
              Toll Free 1-888-722-2098
              Office 727- 451-8776
              Email Alan@LoveTampabay.com
              Web AlanPlager.com

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