Suntrust Short Sale Approved After Fighting BPO and Sold!

sold short sale

Thanks to our determined team, our hard fight paid off with the closing of this short sale!

We had a BPO (Broker Price Opinion) came back 200K over market value and it was clearly way off. We put together a formal written rebuttal to present to the bank and they appreciated it but said because their BPO was 200K higher than our value and ratified contract they had to most highly weight that value and rejected our rebuttal.

We took it up the ranks to a manager and he said that if we pay for an appraisal we can use that along with our rebuttal to fight the value. We did this and the appraisal came in just where we needed it to be- market value of 435K- 200K less than the BPO! So the moral of the story is that in short sales, the BPO is so important in the valuation stage and it can be fought!

Here are the details:

1st. trust: -Suntrust -Sales contract: $420,000 -Deadline to settle: On or before 02/07/2015 -Proceeds towards second lien: $7,090.00 -Realtor’s Commission: 6% ($25,200) -Desired NET: $384,960.00 -Buyer’s Closing Cost: N/A -Attorneys Fee: None -Deficiency Rights: “Settled in full for less than owed”

1st trust unpaid balance: $482,8959.79

2nd trust unpaid balance: $70,899.47

Both loans were with Suntrust Bank and deficiency rights were waived on all!

Congrats to our clients for sticking in their for the fight and great job team for getting it done!

Here is the approval letter for your research purpose

503 S Wakefield Short Sale Approval