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NAR is out to take the valuation money through the new HAFA program. Looks like appraisers could take another blow. Is short sale fraud the next big dirty deed from the industry? Modification? Short …

NAR is out to take the valuation money through the new HAFA program. Looks like appraisers could take another blow. Is short sale fraud the next big dirty deed from the industry? Modification? Short sale? Which is best?

http://www.thinkbigworksmall.com/mypage/player/tbws/25173/1632849

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Comment by George Kenner on March 20, 2010 at 8:33pm
I have read every page of "HAFA" a few time and I would like someone to show me where the BPO is even mentioned. I just got a "HAFA" like transaction from an east coast servicer and they went straight to the owner and made an appointment to appraise the property. I listed at 289 and they came back and told me to go at 280K.

I really like the guys at Think Big and Work Small but they dont always get it right. The first 16 pages of HAFA are the rules... anyone sees where BPO is mentioned for value determination please let me know.
Comment by George Bellino on March 18, 2010 at 8:56pm
I don't know what's up with appraisals lately but their values are all over the place. I recently had an REO where my initial bpo came in at $130k and the appraisal came in at $250k. We had to justify every comp and so did the appraiser which the bank ended up listing at $125k. We had a bidding war and the winning bid was $145k. Now the lenders appraisal came in at $120k and they wouldn't fund the loan. We had to fight the appraisal and we won. They gave us a copy of the appraisal to tell why his comps were off. This was a very urban area called Jersey City and the appraisers comps were all at least 2-3 miles away and were all in the $65-$75k range. I don't see how he could even submit that and not be worried. Our main problem lately with our closings have been these wacked out appraisal values. If I was a lender and wanted to determine value for a property I would feel more comfortable going with 2-3 bpo's over any appraisal.
Comment by Luis Gonzalez on March 18, 2010 at 5:53pm
Modification Vs.short sale program is amaizing . I been doing this graphs by hand for the past 3 years, i call my bend over belly graph. now i could have a more acurate and profesional looking tool to show. I'll reserve my thoughts about bpo's vs appraissal's. i could get thrown out. Great Post.

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