Bank of America continues to work on refining their systems for short sales. In their recent short sale update to agents, BofA explained what to do if you get a valuation (BPO or Appraisal) that you question and want to have reconsidered by the bank/investor.
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.
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.
If you haven't already done so, sign up to receive updates on short sales with Bank of America at this comprehensive short sale resource page for agents
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