2nd mortgage won't budge

Help! I need whatever help I can get. The 1st mortgage has agreed to a ss, the 2nd Wilshire is caught up on an inflated drive-by BPO and refuses to short. LM says “they’ll take their chances at sale”. Sale date is May 10th.
Since she never returns calls - I sent her a fax yesterday stating the buyer is willing to pay for a full appraisal if Wilshire is willing to consider it as a basis of value. Wilshire’s “Valuation Dept” has ignored requests to consider recent sales in same subdivision. (drive by BPO is about 2 1/2 - 3 months old)
Does ANYBODY have any ideas on how to deal with Wilshire (rumor has it they are the pits to ss) or how to better handle an inflated BPO?
Another question - is there a rule of thumb for adjusting the value of a BPO for quick sale disposition? e.g. would you deduct 2% per month / avergae market time or something?

Bpo’s are a challenge, not always but sometimes The person who wrote up the Bpo is planing on getting the listing so not much help from Him/Her. Is there enough room in it with out the second"s approval of a short sale?
I have found that lenders can/will draw the process out for ever, agree to a short then some one upstairs will cancel the deal at the last minute. The drive by BPO is from an agent who wants the listing, Hence the inflated price. If you can prove to the bank through photo’s and verifiable comps that the property is worth less they MIGHT consider your option. I have matched banks BPO’s with cash offers and still been turned away after the bank told me what they would take, offered them all cash as nothing weird in the offer, quick close and still they did not take my offer. Stranger things have happened… I have found the Banks don’t like it when I try to do the math for them…e.g. 2%per month. Stay motivated, Darin

I agree that the lenders do not seem to care a bit about the ‘math’ I have supplied. My feeling is that they have their own ‘math’ and thats what they go by.

Influencing the BPO can be a crap shoot. But this is your best chance at getting the price you want. Some agents will listen to your pitch and accept your comps, repair estimates etc. Others could care less about what you say or provide to them.

I had one BPO agent tell me about one place she BPO’ed and the lender complained her valuation was too low (135k). The lender then had an appraisal done which came in where they wanted it(200k). She got the listing and has been sitting on this property for the past 9 months. Either that lender did not care or forgot about it.

i’ve never dealt with wilshire but the scenario sounds very familiar. the 2nd won’t budge, they’re arrogant and unresponsive, they laugh in your face…and then the day before the auction when they finally realize they’re getting nothing that’s when they’ll accept a short sale.

if i was the second i would hold out until the last minute too. it makes sense to me. they’re probably betting you’ll cave before they do because you want the deal to go through. just realize they’re really the ones up against the clock. i know it’s frustrating from personal experience and sometimes they’ll just go down with the ship and refuse to discount. you just never know what these lenders will do.

Wilshire is a pain in the ass. Provide a complete ss package, your best offer with a drop dead date, and move on. They’ll call you or they won’t. The more you call them the more they’ll be convinced that they’re right and you will raise your offer.