Recent BPO With Chase
I just had a BPO done and the agent that sent me the deal knew the BPO agent. It was confirmed that the value was submitted to Chase at $165,000.00. This deal is being routed from Chase to Fannie for approval and Fannie came back and said the value was $210k. Does anyone have any insight on Fannie and what other means they might use to derive a value besides the BPO. We dont feel the BPO agent is lying as he was contacted again and he stood by his $165k value he submitted. He did say he submitted a couple of comps near that value but his determination was $165. Please help.
It would be interesting to find out if AVMs (automated valuation models) are being used for a quick check. in large qtys first am will do them for like .25 ea.
At the hight of credit looseness, banks would underwrite just on an AVM.