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BIG HICCUP in plan-LOW BALLED BPO

January 23rd, 2014 at 06:36 pm

BIG UPSETTING NEWS!

I was concerned w the BPO guy.. he was from over an hour away, lower working class town and got so lost on his way I had to drive to get him and I did not connect with him personally very well, but I still thought the house value would be clear to him w the comps I had, homes in area etc..he did not take hte comps or info though

He MAJORLY LOWBALLED THE BPO!!!!!!!!!!!!!!!!!!!!!!!!

MAJORLY

He put the house at $397k (the bank I am buying it from even had it higher -at $430k) . I have the BPO and he used homes in different ZIPCODES, frame vs brick, totally outdated etc.. no finished basements and differnt neighborhoods.. not similar neighborhoods at all... I called him on it and he said 'I could not find comps and your comps were miles away"

My comps were 1.1 miles away and he is an idiot.

Anyway.. long UPSETTING story short.. my broker thinks this guy is an IDIOT (I AM SO UPSET I HAVE ONLY A WEEK LEFT ) and he will talk to his lendr tomorrow and suggested I have a realtor dispute the comps. He will tell the lender I am doing that and will have it shortly. I called the best realtor (or most well known) here in town and he is coming over at 12:30.. on a coincidental note he lives in the same subdivision and was shocked by the BPO price.. and he knew the house (from the outside)

He comes at 12:30 and will write something up soon therefater

Broker says he has seem low BPOs before .. but none so poorly done or so off. He has seen them disputed and values increased though . This guy put $500 for the difference between a .16 acre lot and my .67 acre.. did not include all sorts of stuff.. jsut VERY BAD...I looked thsi BPO guy up online and dug up all sorts of bad things on him too.. I AM SO UPSET.. can hardly talk anymore.

I am going to neaten up the house again (pretty neat from the other day) and read and go to bed.

Onward

I WILL get this house damnit! and I need to get this loan firmed up ASAP

Business loan fell through
Low rate person fell through

Got 1 lender w 7 points, 18 months, 12 percent, wants an appraisal first and can not close by next week
and 2 at 12% ONE YEAR.. also want an appraisal..and can not close by next week

I need to firm up this 'bird in the hand' immediately.

Thanks for listening and the support.

Rachael

7 Responses to “BIG HICCUP in plan-LOW BALLED BPO”

  1. Looking Forward Says:

    That sucks! It really does sound like the RE guy didn't know what he was doing. There isn't any advantage for him to appraise it unfairly, right?

  2. TashaC. Says:

    Wow. So much that you are fighting.

  3. laura Says:

    I'd get another person - preferably someone from DuPage. I am shocked that he was so low for Naperville. Seems very ridiculous -- especially if you are downtown or walking distance to.

    So disappointing. What a major frustration.

  4. creditcardfree Says:

    Where did that guy come from? Who found him or suggested him to you? Why didn't you look him up online before the BPO? Why did he drive so far to do this work. All seems so odd?! I hope the new realtor gives you better service. Smile

  5. laura Says:


    Thought: can you pull the property tax information from the county website - that would be MUCH MORE accurate than what you've been given. You can do the parcels on your road that are comparable. For whatever reason, I'm feeling frustrated right along with you ...

  6. Rachael777 Says:

    BPO guy was from Lyons, IL and I simply paid the bank the fee and they 'assigned it out' and got this guy. CRAZY. What a sham. I wrote up this thing to my broker (may post it here). I called my broker just now for an update (left vm). Also going to call the bank (that owns the house) and ask for an extension. Realtor moved appt back to between 3-4. House is ( a good walk) walking distance to downtown and off of Hobson.. a nicer area and a brick OPEN ranch on over 1/2 acre lot.. full updated baths, and kitchen etc.. ENTIRE 2300 footprint finished downstairs and all sorts of extras etc.. Let me post that email I sent to the broker.

  7. Anthony Cruz Says:

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