Disputing a BPO and negotiation with private investor

[Sean Dougherty]

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.

[Chad U.]

I would just put your offer in based on what you think the property is worth and let it simmer. Maybe they will eventually come to their senses once they realize it's true value and no one else comes in at their perceived value.