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Thalia Poulos, Real Estate Pro in Temecula, CA

Short sale -B of A valuation came in super high because title contains 4 glaring errors. Thus BPO used wrong data. Our rebuttal rejected. Pls help.

Asked by Thalia Poulos, Temecula, CA Tue Nov 15, 2011

Title shows house to be 2800 s/ft and single story. It's actually a little house of 1660 s/f and a two-story. BPO agent met listing agent at the house, talked about the error in title report, physically measured the house to be 1660, but used the larger number in his report when he wrote it up. Now lender/bank/investor wants $202K when it's worth more like $140K. Our negotiator sent tons of back-up for our position, but the investor won't review it. Has this happened to anyone else? We are stumped. We have cash buyer. List agent wants to protect her seller from foreclosure. The listing agent is a colleague and friend of mine who devotes countless hours to volunteering for the troops.

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Hi Everyone: It's Thalia and I want to thank you for your excellent insights and advice. We had a very good experience with the assessor's office yesterday afternoon, who heard our story and did quick research for us. They then changed the title information providing us with a new set of title stats including correcting square footage et al. My hat's off to Riverside County assessor's office for being so helpful and fast. My friend went over there this morning and for the price of $1.00 picked up the new document. That's going up to B of A negotiator today.
We did re-contact the original BPO person - he called us back quickly -- nice touch.
We feel we're going in the right direction and I will send my colleague all of your suggestions. Thank you for banding together to help a fellow agent.

Happy Thanksgiving to you all. Best, Thalia Poulos of Temecula and Fallbrook, CA
1 vote Thank Flag Link Thu Nov 17, 2011
I agree with the answers below. As far as the glaring error of the house being a single level rather than two-story, did you send the photos to BofA?

Has the negotiator tried to escalate the file to someone with more authority?

Dot Chance
DRE #01494182
1 vote Thank Flag Link Tue Nov 15, 2011
Oder a REAL GOOD APPPAISER and # BPO s done by fellow Realtors and send Certified to Asset Manager
1 vote Thank Flag Link Tue Nov 15, 2011

Thanks for posting this question. I am in a similar situation and this dialog helps. Thanks!
0 votes Thank Flag Link Tue Dec 6, 2011
This has happened to me on several short sales! Just did one that had an offer of 173k, bank wanted 179,800. Buyer went forward. When the buyer's lender did their appraisal, it came it at a new approval letter from the bank for the purchase price of 154k and closed the deal!!! ALWAYS have your buyers make the sale contingent of house appraisal...even on the cash deals!!! The $ they spend on the appraisal can save the thousands!!!!! In your case, I would try going over the head of the negotiator at the bank....sometimes they aren't really sending the comps to the investor......
Web Reference:
0 votes Thank Flag Link Thu Nov 17, 2011
You are going to find that at times an asset manager will not look at anything anyone has to say. Perhaps you can tell your friend to escalate the short sale.
You will also find that no matter what the BPO is,... you will not hear the truth from the bank for their valuation.
Keep in mind the asset manager is doing their job in trying to collect the maximum amount they possibly can. Square footage in a property brought ot the county recorders office is a step in the right direction as well. That way all computers get updated and you will not fight it at every turn.
Cash offers is a BIG RED FLAG to asset managers as an investor type purchase whether it is or not. Investors are always trying to make money. This is counter productive to the asset managers job of collecting the most possible. FIgure out what the real comps are as if you were selleing your own home not as a short sale. Get a REAL MARKET VALUE and if possible get an appraiser out there to do it. Quite often, a Market Value to a bank is a B condition property comp even if the property is a D. The more someone tries on the sale end the more the bank knows someone will give in more money. My suggestions are
1. notify county recorders office asap
2. get a real appraisal from a licensed appraiser ( could be money wasted but it may be worth a shot )
3. escalate the short sale and send an email to one of the senior VP's at BofA. with a letter explaining the situation.
4. show what the real comps are make sure it is a market value deal.

If that does not work, it is very possible BofA does not want to do the short sale and feels the seller may have money somewhere. I have noticed values go up on people who may have money.

Harold Sharpe - Broker
So Cal Homes Realty
(951) 821-8211
California Department of Real Estate Broker License # 01312992
0 votes Thank Flag Link Wed Nov 16, 2011
Robert is correct, I had the same thing happen to me. I had to get an independant appraiser and resubmit the file. Good Luck!
0 votes Thank Flag Link Tue Nov 15, 2011
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