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update on house situation #9

January 22nd, 2014 at 09:36 pm

Ok.

BPO guy just left.. hoping for $470-480k. I should know TOMORROW

Low rate lady was not able to come through
Referred me to 2 other guys (1 has not called, 1 is at 13%)

Got other acceptances contingent on my sending in various things but n one less than 12%

Have not had time to submit all info for business loan.. will submnit today or tomorrow

providd they increase loan to 65% of whatever value BPO comes out at , if house values at

$470k. I have to come up with $14k + $10k tax + pay 1 year insurance

$480k.. I have to come up with $8k + 10k tax + 1 year insurance

Hope to hear TOMORROW

I want to get a firm approval, amount and close date

Title in works

if house value at only $450k I have to come up with $22,900 (OUCH)+ $10k tax + one year insurance

PRAYERS.

I showed BPO comps, pictures of house before I bought and after and a list of changes I made . he said he was not able to 'take anything' from me so just 'viewed info' and left it

he said he felt 'ok' w value if comps were within 1 mile or so. I have a ranch so hard to find comps as their are less ranches but my comps are between 1.1 and 1.7 miles away

Fingers crossed!!!!!

Posted in Short Refinance | 5 Comments »

5 Responses to “update on house situation #9”

  1. creditcardfree Says:
    January 22nd, 2014 at 09:48 pm 1390427281
    1390427281

    I'm sorry what does BPO mean? Sounds like an appraisal maybe. Sorry, just confused by your posts.

  2. Rachael777 Says:
    January 22nd, 2014 at 09:52 pm 1390427525
    1390427525

    Brokers Price Opinion. .like an appraisal but done by a realtor instead... more informal

  3. creditcardfree Says:
    January 22nd, 2014 at 09:54 pm 1390427692
    1390427692

    Thank you! Is the BPO something the bank will use or will they still need an appraisal?

  4. Rachael777 Says:
    January 22nd, 2014 at 09:57 pm 1390427829
    1390427829

    This is through a hard money lender.. thus the higher points/interest rates.. but yes the lender will use and since I paid for it, I get a copy too.. REALLY hoping for a high valuation. lender ewill only lend 65% of BPO.. Bank (who owns the house) wants $297500. No appraisal needed.

  5. Another Reader Says:
    January 22nd, 2014 at 09:57 pm 1390427865
    1390427865

    BPO = Broker Price Opinion. A cheap way to get someone knowledgeable to look at comps and tell you what the property is worth without calling it an "appraisal" and having to comply with all the appraisal requirements or paying the high fee. They started being used a lot when lenders needed to estimate value for foreclosures and short sales. I just got a HELOC based on a BPO, and I'll bet that agent did a more accurate job than most appraisers.

    A good agent will know how to adjust for a ranch vs. a two story or tri-level. Out here, there's a premium for a large one story home vs. the same square footage in two stories. Appraisers often fail to adjust properly for that.

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