Talked to ocwen yesterday about a run down property they hold the 2nd (25k) to. The home is being foreclosed on by the 1st. Comps show that the 1st will take a loss here. The “loan resolution rep” tells me they want $200 upfront to do a BPO, and we can not proceed until then. I think she got insulted and took it personally when I laughed in her ear and told her ‘no thanks I’ll wait for the auction’. The auction is 6 months away so I’ll try again in another month
Maybe ask for the "loan resolution rep"s supervisor/manager to see if they have a different insight, if possible.
How dumb is that!
I’m in a similar situation with GMAC mortgage. I’m working a short sale and they’re telling me to pay for an appraisal of the property to complete the short sale package. Yes, they’re telling ME to pay for it!
It gets dumber:
After I get an appraisal of the property, they’ll send their own appraiser out to do the same thing. However, they still need me to do it to “complete the short sale package” so it can be submitted!
Has anyone gotten through this stupidity!??
:shocked havent had that problem. Maybe you are not the first to submit a short sale package. Maybe the homeowner worked with another investor and didn’t get the deal. Now homeowner could be on investor number two. :bs
Maybe you could just send in MLS comps, at your price, and tell them that is what it is worth.?.? That is crazy that they will do their own appraisal after you do one. Sounds like some kind of ploy to weed people out. I say submit your package with your comps and ask them to preform a BPO. If they have already had a BPO/appraisal done then just ask them how much they want for the property. If it is not in your price range then try to convince them to come back out and try to sell your numbers to the appraiser.
My situation one time.
Homeq did a drive by bpo and their number was not in my range. I called and wrote back to them that their number was way off. They verbally told me that they would order an interior inspection and it would have to be payed for by the homeowner. I said ok and 5 days later they sent someone out. Still waiting for there answere to my offer. Nobody has recieved a bill yet. I assume they tack it on to the auction price if it goes to auction though I doubt it.
I think we will see more of this type of behavior as lenders attempt to get potential buyers to pick up as much of the costs as possible.
If they have to do the BPO or appraisal or anything, that’s money they’re not going to get back. And knowing they are headed for a short sale makes it even worse.
Mark my words, this short sale avenue that’s paved with gold might be getting a new moniker by the end of 07.
Something like, “not-so-short sale”, or “yeah, I made some money on the short sale but it took me 6 months”.