Have a short sale with Chase. We were just waiting for final approval or so we thought. We've been thought the rounds. Last December Chase sent an appraiser out and we the appraisal was from outer space and killed the deal. We have another offer waiting for Chase to come to their senses, which has hanign in the wind. Chase decided that they wanted us to change the price to attract an offer. Called them up, submitted the offer, 10k under what they wanted. Now, the BPO comes in 80k over what Chase wanted us to list the property at and wants us to counter at the "new inproved" price. The issue is, I know who the BPO company is and every BPO they have done on one of my properties has Always come in over price. How do I convey this to Chase? The comps in the propertys neighborhood are allover and the company doing the BPO have 3 offices and do bpo all over Florida and have 4 people working total. licensed.
For starters: 1) Ask to see the BPO. 2) Submit your own BPO.
For starters, the comps should be within 11 months, 1 mile (for suburban) and ~20% of SqFt.
did you meet bpo agent at the property with comps and "sell them" your deal?
I didn't get a call, I didn't get a message, homeowner/agent didn't get one either, they did the last time and they let the appraiser in the last time. We have over 50k in dock issues alone, then there are about 25k in other house issues. The lender told me who the company is. Giving good comps isn't an issue. I just don't understand how this company can stay in business, they also sell reo's and short sales according to their website, and do such a bad job on BPO's. I want to be able to relay this to someone some how some where. They shouldn't be there.
One the other hand, in speaking with the negoiator today, he said just tell the the buyer agent you have to counter, have them counter back on an amendment form with their highest and best and we will go from there. Give us a new HUD with an October date. So we will see what happend.
Failure to control the bpo process is the number one agent mistake and deal killer. Now you need to fix the mistake by doing a value dispute.
Hi Sharon I can't stress enough to meet the BPO agent or assistant at the property with YOUR comps, any pics of items needing repairs or make sure they get THESE pics on their camera too, not just the nice pics. And stress if you have any repair items list with costs to fix up..., that this would further lower the actual market value. I also find out if the person who shows up is just an assistant taking pics... half the time...the REAL BPO person doesn't show up...it's his 18 yr old "picture taker" and person submitting the BPO is sitting back at the office waiting for the pics to come in so they can just upload and punch in their comps and submit. I ALWAYS ask the person showing up, if they are NOT the actual BPO person...who is in charge and I get their name, email address and cell and I make sure I talk to them and explain items wrong with the home, so they get a full and realtistic picture. I then scan MY COMPS and repairs, etc and pics of items wrong to them to make SURE they don't overprice this wrong in their haste to just spiff out BPOS. And IF IT DOES come back too high? I let the bank know that the real BPO person did NOT show up, and I do a BPO VALUE DISPUTE right away and let the bank know with my comps, pics, and repairs invoice from licensed general contractor...on what the correct value is based on my analysis. I even send an actual appraisal from buyers lender...if the bank is way off..and it won't even appraise at what they want. You have to counter counter counter...alot of agents just get one price from the bank and freak out and are afraid to let the bank know that the price they came back with is WAY OFF and WRONG.
Hope this helps....