Bank ordered appraisal not BPO!


Well… Countrywide has ordered an appraisal for this short sale deal I am working on. It’s tomorrow morning. I expected them to order a BPO, but not a full out appraisal, which is what I’m pretty sure they did. It was an appraisal company that called me to schedule it, not a realtor.

Any advice on influencing THAT!? Anyone ever have a bank, or Countrywide do this to them also? I’ve only done a couple short sales, but one was a drive by BPO and we still got approved, and the other BPO went fine.

All-out appraisals are rare. Countrywide can be a little difficult. If you have done your due dilligience (complete walkthru of the home [inside/outside]), determining high-end repair estimates and have put together a compelling reason why they should accept your shortsale offer as the best route for them to take, you shouldn’t worry…if you don’t get this one, there’s plenty more out there.

Make sure you take coffee and donuts.

Do the same talk as an interior BPO.

JDS walked me thru this last week. I had one on Monday then did one today. It is the same as a BPO they will take all your info that you give them. Just be polite and try to slip in that its a distress ale somehow. Most of them know it and some don’t. My first one didnt know but he next one was skilled and even asked me what # i needed. Just be positive.

First, the bad news. Countrywide is on of the toughest to deal with.

But the good news is that appraisals are easier to deal with that BPO’s in my opinion. Appraisers are just getting a fee, they have no interest in getting the listing for the property like a Broker can.

Appraisers will usually spend a bit more time in the house giving you ample opportunity to show flaws and strike up a conversation.

Always mention you are an investor and ask for his card so you can call him and give him business in the future (wink wink). Appraisers are hurting for business too.

Good Luck

Well, I didn’t get coffee or anything, and when I made the appointment I totally forgot about one of the kids’ doctor appointments, so when I got there (they said between 10 and 11, he got there at 10 to 10. I got there at 10:05.) He was wrapping up, but I gave him some comps, breifly explained the situation, and we talked a little bit. He had comps all at around what he owes, which is what I figured he’d have. Well, I gave him 3, all lower, all close and within 6 months. He said he could probaly use 2 of them, as one of them was way below the others (the others are in the 70’s and the 3rd was 45K, my offer was $55 and he owes $95 inc fees)

It seemed to go alright. He seemed to get what I was saying. I told him I’d prefer lower comps, explained why, said I know that’s probably the opposite of what you’re used to, but he’s gonig to lsoe his home, etc etc. We’ll find out in a few days what he came in at (or at least I hope I will!) If it comes in in the 80’s I can make it work, if its 90-95 or so they’ll probably only accept 75 or higher, and at that price I don’t think it would work. I need to use hard money too, so if it’s over 65-70% ARV it wouldn’t work.

Be sure to hammer CWide on getting a paid in full on the mortgage. They often like to pursue the deficiency and don’t like to send 1099’s.

Good Luck

I will, thanks for the tip!

BTW, I sent you a PM… check it out

Appraisals are good news! You want an appraisal. BPOs are a pain in the ass. Damn Realtors.