Please Foreclosure Moderator or anyone, could you please answer this question. I put together a short sale offer and the LM told me their appraisal came back at $ 185 K in other to support my offer, I need to order a second appraisal pay by me to fight back hers. One of my friends who is an appraisal did a comp check on he came out to $ 150 K. I just don’t want to spend $ 400.00 or so for a second appraisal. What do you think ?
Thanks in advance if you can please answer back to me ASAP !!
Was it an appraiser or a BPO?
GooD LucK! :beer
You sent this as a “reported post” to the MOderators and, frankly, I don’t know that we care:
[b]The following post, “Re: Will you pay out of pocket for a second appraisal to fight back the LM Appra” by Foreclosure Negotiator (chateaumanagement) has been reported by isacaro on a board you moderate: http://www.reiclub.com/forums/index.php?topic=35107.msg166666#msg166666
The reporter has made the following comment:It was an appraisal done by the LM and My appraisal’s friend what he did was a comp check
Regards,The REIClub - Real Estate Investing Chat Forums Team.[/b]
I wouldn’t fork out anymore money for another appraisal. I would get a repairs quote showing a TON of work needed on the property as well as BPO’s from 2-3 different brokers. Highlight the DOM and any foreclosures in the area that would help you case for offering the lower amount.
I don’t look at BPO’s, but will look at repair estimates if there are 3 from licensed contractors- these can be submitted with the appraisal for review. If the agent keeps on saying the value isn’t there – the only thing that the investor will take a look at is another appraisal.
BPO’s would be influenced by the seller/buyers agent.
I’m from the mindset that the seller should pay for this if it’ll keep the buyers there-- if it’ll get the thing done. They’re walking away from the debt of the mortgage and should make some contribution to the sale