Can Anyone Explain This?

[LACKLAND27]

I am almost positive you have to be an agent to do a BPO. The neighbors must have meant 80/20 for appraiser 75/25 for BPO. Just my guess.

 

[Mike Boyd]

Jim, that seems to be the only thing that makes sense.

My thinking is that they do not trust an increase in value from inflation when the rest of the world is suffering diminishing values due to DEflation.

They may want to see real value increase based on the improvements that have been made. A BPO would not get into the improvements....just a value based on comparable sales and listings.

They may be trying to tell an appraiser to estimate the value without the new improvements and they will then consider an 80% LTV on the total package. Strange, I agree, but remember you are getting this 2nd hand.

 

[RustNeverSleeps]

I am almost positive you have to be an agent to do a BPO. The neighbors must have meant 80/20 for appraiser 75/25 for BPO. Just my guess.

Thats what I thought so I asked them to repeat what they told me. Yes it is 80/20 for BPO by a LICENSED APPRAISER and 75/25 for a full appraisal. They seemed quite certain of it...

 

[tmon43]

Why don't they just refinance and get away from the uncooperative lender?