I know most of us have had the chance to read BoA’s email below about how they’ll be handling value disputes from now on, and I’m thrilled that they have taken that initiative. While reading through Bank of America Agent Resource Center page for "Process Refined Refined for Valuation Disputes" I came across an item that is confusing me, and I’m wondering whether anyone has any insight.

 

 “Do not reference property pricing amounts in the narrative on the form. This violates appraiser independence policy and is against industry standards. Any reference to pricing will disqualify the dispute.”

 

What does this mean?

 

Are we not to mention the price of the listing or what we think it should be?

 

What appraiser independence policy does this violate? Is this a BoA policy?  The values given for disputes are public record, so why would bringing up public record information of pricing on a value dispute disqualify the dispute?

 

Also, the majority of values are done by Agents and not appraisers, and agents are not supervised the appraisal commissions so does that mean this doesn’t apply to those files?

 

 

Exclusively for: | PATTY DASILVA

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Bank of America Home LoansShort Sale Customer Care
1.866.880.1232
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Short Sale Agent Update

May 1, 2012

 
 

   
     
 
     
   

Process Refined for Valuation Disputes

Bank of America has refined the process for settling valuation disputes during a short sale.

 

The value of a property is established by independent third-party vendors shortly after a short sale is initiated. Occasionally, however, a listing agent may wish to contest that value. When that occurs, there is now a revised process for reconsidering the value.

 

Process Steps

 

1.     Tell your short sale specialist that you would like a reconsideration of the value.

 

2.     Receive an investor-specific, easy-to-complete form from your short sale specialist that specifies all requirements for a successful value dispute.

 

3.     Fill out the form and attach specified evidence.

 

4.     Stay in touch with your short sale specialist for results.

 

5.     Expect a value dispute review within 10-12 business days once all required information has been received.

 

Learn about the evidence needed to dispute a value. 

 

Your short sale specialist can provide additional guidance.
   
     
 
 

 

If your or anyone you know need help Selling or Buying a Home in Broward & Miami-Dade Counties, please don't hesitate to call me at 954.667.7253


Help lots of people and have a great day!

Patty Da Silva, CDPE©, RESS®, AHWD®, e-PRO®, GREEN, CFS, TRC, RSPS

BROKER - REALTOR® Serving South Florida ::: 954. 667. SALE (7253) ::: Green Realty Properties®

Visit www.PattyDaSilva.com & www.GreenRealty.net for SouthEast Florida's best properties.

 

 

Copyright © 2008 - 2013 By Patty Da Silva, CDPE©. All Rights Reserved.

Legal Stuff: This article (Contents) reflects the opinion of the author and it is not to be considered legal advice. The author is not an attorney or a CPA. If you are in need of legal or tax advice, it is recommended that you to contact a trusted professional advisor.

 
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5 Comments on BANK OF AMERICA'S INITIATIVE FOR VALUE DISPUTES. CAN SOMEONE EXPLAIN IT TO ME?

MAY
03
2012
Called Shot Master

Doesn't make any sense. Hopefully someone from BoA can clarify.
3:38pm • #1
275,808 Points 3 Featured Posts Attended Rain Camp Called Shot Master

Patty, when it comes to the BOA CONSTRICTOR and YOU, I am on your side every day of the week and twice on Sunday!!!
7:18pm • #2
1,329,748 Points 37 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Patty

Sounds the letter goes in circle,I would agree with Marianna, it desn't make sense.

Good luck and success.

Lou Ludwig
7:28pm • #3
MAY
04
2012
1,379,124 Points 7 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Howdy and evening Patty

Patty my friend, it seems to me that Banks no matter what kind of home sale is being done, are doing their best to tie things up. Buyers here have been having a mighty hard time with Banks here, with even get them to start the paper work to get their loan underway. Folks set up the meeting to talk with someone at the Bank, the person they talk to don't take any real info about them and tell them that someone else will contact them, and they never hear from them.

Have a good one
Dale in New Hampshire
7:06pm • #4
MAY
07
2012
314,457 Points 17 Featured Posts Called Shot Master

Marianna, I hope they clarify their policy soon. I' am hearing from agents who are confused by this notice.

Bruce, I need your support so please, dont even turn on me.

Lou, I am not sure how I can dispute a value without speaking about values. Let's see....

Dale, Banks are having a difficult time managing customer service while cutting employees. We are having the same issue here in South Florida, especially with the big banks so we are recommending that buyers speak with local, direct lenders, who are faster and more pro-active. Thank you so much for re-posting my blog.
10:47am • #5


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