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"Recompiled Market Value" .... HUH???? Still ANOTHER Version of VALUE???
Must admit, this was a new one. In the midst of following up on the status of "short sale" I have in progress, I was informed by the bank that they were still waiting for some "internal documentation". Hmmm...I wondered. Didn't they feel they had enough by now? After all, I'd sent them 167 PAGES of all sorts of documentation! Everything from soup to nuts (SPEAKING OF NUTS!!!!!....) At any rate,I kept my cool and politely asked "could you be more specific...I want to be sure I understand where we are in the process". At first my contact said "well it appears we're still waiting for the BPO". I said that sounded very strange since I'd met the agent at the property so she could do her BPO over 3 WEEKS ago. My contact politely apologized and said "yes, I'm sorry, the BPO actually IS in the system. What we're waiting on now is RMV". HUH???? "What on earth is that?" I asked (I should have known better!) She tells me "why that's our recompiled market value".
Recompiled? Did they not like the way it was compiled in the first place? Was the appraisal not sufficient? Or the exhaustive CMA...all 31 pages ... more
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