There are days where I think I may be losing my mind while working South Florida Short Sales because I can’t make any sense of these investor's actions. Here are the latest shenanigans:
We started a short sale, and with the Seller’s permission, we waited until the Lender’s BPO came back before we listed. The value came back, the lender servicing the loan told us that the value was $199K, and so we listed and went under contract for $199K.
The file moved forward to a negotiator, and a few days later, he asked us for 3 closed comps and 3 active comps. Naturally we asked what they needed the comps for, and he told us that there was a 2nd BPO done by the investor (one of the two GSEs) without our knowledge.
Right away I’m confused because there is no reason for a 2nd BPO when the last one was done less than a month ago. I am also irate that a BPO agent went into my Seller’s home pretending they were there for a showing, basically doing a BPO without our permission (anyone who follows my blogs knows that we show up to every BPO appointment to make sure a licensed BPO agent actually does the value).
Then through some more back and forth with the negotiator, we find out that the 2nd BPO came back at $300K!!! I almost fell over! HOW is it that a property in Miami appreciated $101K in one month?! Last time I checked, we’re still in the middle of a distressed properties storm and it’s not looking like it’ll get much better any time soon.
Thankfully (seriously, thanking my lucky stars), this negotiator is by far one of the most reasonable, proactive, knowledgeable negotiators I’ve ever come across and he’s 100% on our side. He is fighting for us as hard as he can and is pushing for the 1st value of $199K to be used. If we had anyone else working on this file, we’d literally have to wait out until the $300K BPO expired and then request that a new one is ordered (3-4 months later).
If the investor doesn’t take the negotiator’s recommendation, we’ll have an uphill battle on our hands, but I’m hoping for the best and I’m prepared to fight. Nevertheless, it makes me wonder….what are these people thinking???