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!!!!!!!!!!!!!!!!!!!!!!!!
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 I have the BPO and he used homes in different ZIPCODES, frame vs brick, totally outdated etc..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.
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.
BIG HICCUP in plan-LOW BALLED BPO
BIG UPSETTING NEWS!