Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 4 years ago on . Most recent reply

User Stats

99
Posts
6
Votes
Sean Dougherty
  • hilo, hi
6
Votes |
99
Posts

Inacurate BPO and negotiation with hedge fund

Sean Dougherty
  • hilo, hi
Posted

Hi all.

I've had this deal under contract since Dec 8th 2020. Lender had BPO done February and came in astronomically high. BPO is 480k on a home that is not worth more than 300k. The realtor who did the BPO is not even from the area and gave inaccurate comps. Very difficult to comp as it is a run down house in a upscale area. Home also has many issues with unpermitted additions that have been red flagged by county building dept.  

My agent has disputed the value, giving our own comps and details. That was over a month ago. 

Other that value dispute on the BPO is there anything else I can do?

I am 100% sure an actual appraisal will come in at a more reasonable price. Note holder is a private investor so an appraisal is not the norm. Can I request an appraisal?  If I ordered my own appraisal would it be accepted by investor?

My  RE agent has helped me on multiple shortsales, but I have the feeling he may not be doing everything he can. If I paid a shortsale specialist what could they possibly provide in this deal?

Thanks all.

Loading replies...