shady - Blog - REO Pro Network

Ok, I am about to vent so, if you don’t want to hear an angry rant about how I feel, it’s best you stop reading now and move on! I have this short sale, since January and it’s in poor condition. For example, pipe burst in ceiling, sever mold, exposed sub-flooring through 75% of home, torn wall paper, huge holes in walls, missing fixtures, standing water in crawl space, etc….get the idea? It’s in poor condition and my contractor estimated 30k ($30,000.00) in repairs to make it livable! Since it has been on the market, I have received approximately 10 or so offers, all of which were below $70K except one which was $89,900.00. The bank countered or rejected all offers (all these offers came in the first 2 months)! Surprised and perplexed I asked why and I was told because the appraisal came in at $110,000.00 and that is what they expect to get. So, 2 months turns into 6 and, no offers. In the meantime, I have provided a CMA / BPO showing these freaks, the home is worth 60k at best! THEY AREN’T LISTENING TO ME! So, the negotiator says, we can now order a new appraisal. Excited, I meet the appraiser out there and show him my BPO, show him my comps, show him my search criteria, show him the feedback comments of the agents who have shown the home, which are months old because no one has shown the home in months. A week later, I get the appraisal from the negotiator and it’s $100,000.00! 10k less than the original (UGH!) So, I have it listed at $100,000.00 now and not a single showing / offer, what is it going to take! I asked if I can rebut the appraisal, sure….so I send my rebuttal in and I am told, none of these homes are adequate because they aren’t like homes. I am tripping because my comps are from the neighborhood and less than a quarter mile from the subject property! These are tract homes by the same builder…..why wouldn’t they be similar? I looked at the appraiser’s comps and they aren’t even in the same neighborhood!!!!!!!!!! So, I asked, can we get our own appraisal, they say yes so, we are now on the hunt for an appraiser. I will keep this blog up to date, I am sure you will love to know where I go with this one.

shady (2)

Where do all the Disgraced Mortgage Bankers live?

You Appraisal is Shady

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