BPO Problems With Agents And Values
November 12, 2010 / /
http://kevinandfred.com/power-hour/bpo/
Kevin and Fred follow up on a story regarding BPO values and disputing BPO’s with the bank.
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About the Authors
Kevin Kauffman & Fred Weaver
Kevin and Fred the founders of Group 46:10. Over the last 10 years Kevin and Fred, and their team have closed tens of millions in real estate all over the country and have created some of the best training for agents in the market. Kevin and Fred are also highly sought after teachers whose work has helped agents all over the country build their own next level real estate business.
First congrats on getting PHH on the phone. Your clients should know that you are fighting for them everyday.
When it comes to valuation stuff, I have run into two VA files lately that when the do their valuation, the use the VA rules which means no distressed properties and given both of the area these properties are in, that takes out over 60% of the comps to start.
I have come at them with time on market, condition, flooded them with comps, hired my own “standard” appraiser, went directly to the VA appraisal review group with no success for my clients.
Any thoughts on some more Outback solutions?
Steve,
While some of the servicers will tell you that the VA does not allow them to use distressed sales in their valuations (and some of the folks at the VA), this is ABSOLUTELY not accurate/true.
I’ve spoken first-hand to the head of the entire VA Appraisal Dept and brought this to his attention about 6-8 months ago (Wells Fargo employees were giving out this information on loans they service and it of course was incorrect).
Keep fighting and pushing past this and work your way to the top of the VA and/or go find the VA guidelines and show them/read them to the people you work with.
It’ll be an uphill battle but one you CAN win!!
Great topic! As always!
And CONGRATS!!! That was perfect timing and I’m certain that she appreciated your humor!! I know I did!
We have PHH Mort. Advisor right in our office, how can I help?………..Crush It !
We have the Seller’s pay for an appraisal by an Appraiser that is on the “approved Vendor” list for the Lender. It has worked well with Chase.
One bank I do work for requires me NOT to use reo as comps…go figure
Can someone tell me what is WRONG with a bank/lender/investor or some other level of banking ignorance to be in charge of guidelines of how a property is valuated?
VA and FHA are both government agencies, therefore, they are expected to have DUMB and inefficient and incongruent guidelines for valuations. But, if a private corporation has these types of guidelines, that is just SHENANIGANS! I call BS on them. Completely inappropriate at any level.
Call a local appraiser, ask him/her to share with you in 5 minutes their ‘standards’ on appraising/valuating, and in 5 minutes, you’ll know more than most realtors in America, therein EMPOWERING you, the short sale agent, an entirely new level of ability to influence your BPOs, and escalations to VPs and presidents…etc.
Quit taking my tax $$…quit being a parasite! Great quotes!
Great insight guys! Keep it up!