Asked by cfrlaw, 48201 • Mon Jan 7, 2013
I have a situation where a bank did a BPO in April on a sale and the value came in at $100,000. The buyer submitted an offer for $100,000 and then backed out. A second buyer came in and made an offer for $100,000 and the lender ordered a new BPO that came in at $450,000. We asked the realtor who did it how it could be so high and she essentially said that the bank pays her salary! We then asked the lender if we could submit a valuation dispute. We did. We submitted a full appraisal which came in at $100,000. A comp analysis from the seller's realtor, photographs of construction damage to the property and a contractor estimate for repairs to the property. The bank declined to lower the price of the property based on the second BPO, ignoring the valuation dispute materials. Do we have options?
Real Estate in Detroit
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