I have been negotiating with a Bank a Foreclosure property and the buyer sent the appraisal in order to get the loan and the appraisal came up for 60k less than the sells price and i submitted the appraisal report  to the bank and they said that the investors cannot sale the property for less than 160k and the 120k offer was rejected.

What are they thinking? they don't know that the appraisal value is  who gives the price to the properties and how the buyer can buy a property for 40k more than the house value?

In this market? in this time?

It is unbelievable!

 

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Did you send the buyer's appraisal to the lender?

Yes i did and they didn't accept the appraisal report value, they came up with a counter offer for 40k more that the appraisal value.

 

who is the lender?
ocwen and it is a foreclosure house not a short sale
Let Ocwen keep the home and find your buyer something esle.
^ Agreed!  Ocwen is NOTORIOUS for this.  Bull that they cannot sell for "less than" any amount.  They just don't want to.  Tell your clients that they are wasting their time and to move on and find another house.  Ocwen very rarely ever backs down from their "value" once they have it in their head that the property is worth a certain amount.

Yes, you are right. I already spoke to my client and he really wants the house and her loan officer request an appraisal review in order to see if he doesn't has to put that amount from his package but, they are very difficult. 

Thanks for your comment.

 

I had 1 like that re

cently with ASC they were one of the banks was very good now they r getting tough

Did the bank do a BPO or appraisal--how much was theirs?  How recent?
The bank didn't do the appraisal of bpo recently but, my buyer sent an appraisal on it in order to get the loan and it came for 60k less than the asking price and the investors said that they cannot sale the property for less than the sign contract offer. My buyer tried his best in order to get another appraisal or put the difference on it but, they took the decision to walk away and he is right.
Gloria, your buyer is aware it's a buyer market. If I were u. I would challenge the BPO value.
Believe me i did everything that i can do but, the bank doesn't wants to go down.

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