Replies to This Discussion

Permalink Reply by Joseph C. Alfe on April 3, 2011 at 10:00pm

Do a value dispute to rebut their bpo.  In other words, do your own bpo, supply comps, crime stats, anything to justify your price, then send to the head of loss mit as well as to the negotiator and their supervisors.

• ▶ Reply

Permalink Reply by Sheyenne Schultz on April 3, 2011 at 10:37pm

Thanks Joe! I am doing this tomorrow. AGAIN. I was asked by their negotiator when the 1st offer was turned down to send in a CMA from me. Which I did with supporting evidence, repairs invoice, etc  "disputing their BPO".

So I guess this time, I will REDO and call it a "Value Dispute" BPO..with all the repairs, stats, etc and go over this person's head and make sure it gets to ALL supervisors, head of loss mitigation dept. etc.. Believe me, this worked for INDY MAC which made me do the same thing.

• ▶ Reply

Permalink Reply by Angela Alfe on April 5, 2011 at 12:37pm

Don't call it a BPO.  Call it a "Dispute of Valuation".  Otherwise, you start putting BPO in there and they may just think you're "making up numbers" (you know....using REAL numbers...LOL).

 

I would emphatically state that the BPO agent never showed at the property, so how is that BPO valid?  I would also remind them that there are issues with the property.

 

The problem you are going to have, however, is that every time you submitted a new contract, it was for a higher amount.  This is going to look like you are seriously low-balling the lender and they will not take the file as seriously as if you submitted an air-tight contract supported with hard to dispute comps.  Yes, you can justify anything...but if you have each new buyer offering more money, that is going to tell the lender that the property is worth more and they'll probably get more if they hold out.  Make sense?

• ▶ Reply

Permalink Reply by Sheyenne Schultz on April 6, 2011 at 7:22pm

Makes sense.  Doing a Value Dispute. Waiting to see what happens.

• ▶ Reply

Permalink Reply by Frank Burke on April 7, 2011 at 3:42pm

What has work for me here in Las Vegas is to submit valid comp ( sales & Listing) I had several problems with them, and it seem to work, Good Luck, If you have any questios Please call frank 702-540-9803

• ▶ Reply

Permalink Reply by Mabel Davis on April 10, 2011 at 11:49am

I had the same issue with HSBC.  Turned in an agreement of sale and they denied it due to the BPO value.  I asked what the value was and she told me $36,000.  I told her that was way off and then explained the repairs that was needed and the recent sales in the neighborhood.    After I got off the phone with them I went out, measured the home, took photo's of each room, and all the areas that needed repair.  I then came back and drafted up a Dispute to their BPO value.

After faxing it over, I called them to make sure they recieved it and had a chance to review it.  They denied my request and said that the comps that I used weren't valued.  One of the comps was the adjoining row home to the subject. 

 

This went on for about 6 months.  The buyer's original offer was $15,000 and then he increased his offer to full list price of $20,000.  Another 3 months went by and I got a letter from the City that the home was going to tax sale in a month.  I called HSBC and informed them of this and that they were going to lose the property for $342 of taxes.  A week later I recieved an email that they would except the offer for $15,000, which was the original offer and not the increased offer.

 

A year went by from the time the home was listed for sale to the day we closed and 9 months were wasted due to HSBC.

• ▶ Reply