Influencing The BPO...
Does anyone have any tips to influence the BPO. Bank sending out appraiser for the prop we are short selling. Meeting with appraiser tomorrow....
Has anyone had good expieriences influencing the appraiser to lower his appraisal...
Thank you
Thank you Panic, I am so frustrated with appraisers coming in and setting a price on a house .and if ever thing was favorable this might be a good price . But these houses (in My neck of the woods ) just end up sitting ,everyone loses. so I think I can dress down a few and see what happens cause seems no matter how horrific the circumstances lately everything has been to high to do any kind of short sale.
Hell Panic,
Here is an article about influencing the BPO that you may find helpful.
http://www.shortsaledeals.com/influencetheBPO.htm
AL
I listened to one of his teleconferences and man was that one hour worth it.
I picked up a valuable jewel.
just hold up one minute. I never said that i purchased the course.
If you have noticed you would see that i said i picked up some valuable jewels from the tele that is it.
Read again and you will see.
Yo, Charlotte, I was replying to the original post, not to your comment.
[addsig]
panic,
i might take you up on that offer. We may be able to swoop and trade info.
Was it an appriasal or a BPO?
They have to go by their estimate of worth. So you must get them to order a new appraisal/BPO. Get a letter from the home owners that nobody came into their home. Convince HSBC that their BPO either did not understand that it was to be in interior inspection or they flat out cut corners. Show some other concise supporting evidence (less is more) such as pictures of the mold and a letter from the home owner detailing the mold and how it is making them sick. Pictures really do not hold much weight as there is no way the representative knows that the pictures are of that house. Believe me, the representatives have dealt with many a sleazy investor. You could also get a repair estimate that details the work to be done and the repair estimate. I am not advocating this, but it is easy enough to type up your own proposal.
My experience is that it is not so difficult to get a second BPO or to get an appraisal after a bad BPO. It is probably more unlikely that they will pay for a second appraisal. Did the appraisal include any interior pictures? Is it possible that your home owners are not telling the truth and was working with some other investor?
Obviously, if you can talk them into another appraisal, you need to be there and work the appraiser to get the numbers that you want.
Brenda
It sounds possible that the lender never did an actual appraisal. One must play their game. Most lenders will discount from the BPO/Appraisal. Lender gave you a number of 95K. If you take 80% of 95K you come up with pretty close to note balance, how nice. You may have discovered something hear, their discount guideline. What was your offer to the lender?
You can submit another offer slighty higher than your original offer and tell the lender this is your last & final offer based on needed repairs & comps for the area.See what happens.......If it works fine if not move on.
Congratulations. What was the mortgage debt on the first? What did you do with the second?
[quote]
On 2006-06-20 20:04, TheShortSalePro wrote:
Congratulations. What was the mortgage debt on the first? What did you do with the second?
[/quote
1st was 147 thousand no 2nd . house was only 3 yrs old.1
if 30k is the real contractors repair rate, that is pretty good.
Wonderful! you should feel real proud ! That is a great deal!
Congratulations weristit!
Sounds like a great deal.
Now… just get it rehabbed, sold, and find another one.
: )
Congrats!! Are you working in/ around New Orleans? If so, how hard is it to get your hands on a contractor? And are building materials hard to come by?
Tom
Quote:
On 2006-06-20 16:30, weristit wrote:
I bought a flood damaged home (4.5 feet of water) from owner who had no flood insurance.
Price was 80 thousand for a home worth 200 thousand repaired. Cost to repair 30 thousand .
Good job. Did you pay the 80k cash or did you finance?
yes, it helps to be able to close quickly when requesting shortsales and for that, cash is king.
Good luck guys,
i have not had much success dealing with seconds. But have been very successful dealing with the only the firsts with no other lien holders.