Hi Guys,
So, im working on another shortsale and the house needs work, but is in a nice area… I offered 150K, the first BPO came in at 170K and then the bank did another BPO and it came in at 229K…
The Realtor that came to do the second BPO (229K) was a total dick wad… Wouldn’t take any pics of the stuff that needs work and literally wanted to take 1 pic and leave… I had to force him to see any bad parts of the house… There is no way he could have figured the value of the property correctly since all the work that is needed wasnt taken into account! The guy that came up with 170K actually walked around the house and saw all that needs work… I think that realtor was trying to ruin the shortsale so that he could get the listing as an REO…
I told the negotiator that this is complete BS and that the second BPO guy didnt seem to want to do his job properly and she seemed to agree with me… She said its true and she agreed they are way over priced based on the amount of work… But, she said that Fannie Mae didnt approve the price and that she had no real power…
Is there any way to escalate this? Can i talk to a senior manager or whatever… I mean this amounts to fraud as far as im concerned, that Realtor wouldn’t do his job and told me all i need is 1 pic, “ill be in there for 1 min”… This is just annoying to do all this work and see it go to waste bc some realtor wants to get the listing himself…
Anyone have any opinion or has been able to overcome the Fannie mae limitations? I asked them to do a 3rd BPO and the CW loss mitigator told me that Fannie Mae only allows 2 BPOs, is this true? She said they wouldnt allow her to do a 3rd BPO… Even though this BPO is obviously incompetent…
Thanks,
Karim0028
Bumping 
Does anyone know if there is anyone above the Loss Mitigator to escalate to? I seriously think there is fraud and conflict of interest in the realtor BPO on this property…
FYI
BPO = Broker Price Opinion
BPOs are so limited on the amount of information they require. Normally it is 3 comps and 3 solds and some of them don’t ask for a whole lot of information.
It could have been the type of BPO the bank was asking him to do?
YOu mentioned the loan was Fannie Mae - Fannie Mae typically conducts a full appraisal not a BPO so to me that is the #1 problem - the type of “BPO” that was conducted.
All my Fannie Mae deals were way overpriced even with an appraisal - however I pushed and pushed, mostly through fax (that’s what I recommend) and eventually get them approved. Fax a letter because these go to the investor, talking over the phone is a waste. With CW you’ll need to call in (if you don’t have already) and get the fax numbers to the LM working the file. There are usually two numbers. At some point Fannie Mae will see it your way (in my experience) they take a long time but will eventually pull though. Just fax them all your back up, comps etc and request an email address to send pics to. Be very very specific in your findings and don’t mention how the BPO doesn’t know what they are doing. (they usually don’t)
Getting an email is a good idea… Although CW said they have “closed” the file, is it usually easy to reopen it?
Also, i say that the BPO is soooo flawed bc the guy (realtor from Remax) would barely step into the house, i tried to explain there was damage inside and he didnt want to step in, he would barely look at the bad spots and he was done in about 2 mins… Literally snapped some pics and left and he was only there bc he submited his BPO without pics and CW made him go back and “take some pics”
The file usually is reopened if you resubmit the package. The BPO situation is a little odd. You’ll just need to put the facts on the table for them and keep pushing until your either fed up or until they give you want you want. :banghead