Hi everyone:
I got a nice end-buyer ready to close at the end or middle of next month. My negotiator is stuck on the aprraisal value who came much higher of what the market support ( $ 235 K ). My offer is $ 150 K, the average selling price of the houses around subject property ( not more than 0.4 miles ) is $ 169,000. I have faxed to this woman everything she is asking for and not yet acceptance of my facts. How should I put some fire under this woman a… to accept my offer. And the other question is, my end buyer has been approved by Bank of America. Do they requiere seasonal title in a simultaneus closing ?, Please nice brains out there , please help me out !!
Actually at the moment do not worry about BOA… Worry about finding a title co willing to do a double closing and getting the offer accepted. Many banks are still sitting on the sidelines and waiting for that magic number…
How many BPO’s / Appraisals has the bank done on the property? Did you go to this inspection and attempt to influence? Did the bank do a drive by or did they get into the property?
Often banks will start by doing as little as possible because it saves them a buck or two. If the BPO did not get into the house and based their numbers on comps and a drive by then you should request from the bank that they perform a competent BPO or better yet, hire a REAL appraiser! Every chance you get to influence the value of the property you should take. Even if you do nothing but show up and hand the inspector copies of the comps you pulled.
Generally when a BPO comes back high like that it means it was the first one done. I always ask the bank to get a second opinion and I tell them they should fire whoever did the high BPO because they obviously don’t know what they are doing. I suggest that the agent who did the high BPO is lazy and didn’t do their job properly, that’s why it came back high. I tell them that if they were to order another BPO with a competent appraiser then they will see how far off the first guy was. I do my best to discredit the person who did the high appraisal. If I can put that doubt in the loss mit’s mind then I have a good chance of getting another BPO done.
As for the title company, you should have nothing to worry about as long as you are not attempting to use the end buyers funds to do the double close. IF you bring in your own funds for the first closing and then double close to the end buyer where thy use their own separate funds, then it should be pretty easy to find a title company to do the closing… even if it is a double close.
GooD Luck! :beer
Thank you so much for your input… The bank order a full appraisal. I was there with him. I show him my comps and still he came back with such a figure. I talked to negotiator and dispute his numbers with comps no more than 0.4 miles from subject property. I just called her today and man what a …,. She says she hasn’t have the time to look at my latest comps ( 0.4 miles from subject ). I am getting frustrated, my end buyer is expected to close no later than the 15th of feb. I also don’t want to piss this woman more by calling her every other day. The other thing is I will use the end buyers funds. I dont’ want to come acrross with her as desperate buyer… She told me to wait for her phone call to stop calling her for now. Am I pushing away a good business by calling too much ??, or should I at this point just wait for her to call me ???,…Desperate newby… please help me anyone…
LOL, yes, the loss mit reps can get very bitchy. They have hundreds of files, many of them with people just like you trying to get in touch with here every day all day. It’s important to keep your calls to the point and at a minimum. This will help keep their hot head at bay. I suggest calling in a couple days and asking if they have decided on your offer. Play it by ear while on the phone with them. Don’t try forcing your docs on them, they don’t like that. Instead, continue telling them they need a second opinion. I’ve had lenders send out as many as 4 BPO’s / appraisals before they finally decided. Just keep pushing for a second opinion.
GooD Luck! :beer