The value of a property is established by independent third-party vendors shortly after a short sale is initiated. If a listing agent wants to contest that value, this is the new process:
How to dispute a Bank of
1. Tell your BofA short sale specialist that you would like a reconsideration of the value.
2. The BofA short sale specialist sends you an investor-specific, easy-to-complete form that specifies all requirements for a successful value dispute.
3. You fill out the form and attach specified evidence.
4. You can expect a value dispute review within 10-12 business days once all required information has been received.
Evidence you need to provide to Bank of
When contesting a home value, Bank of America requires compelling evidence to support your claim. Here are the guidelines outlined by BofA:
- Do not reference property pricing amounts in the narrative on the form. This violates appraiser independence policy and is against industry standards. Any reference to pricing will disqualify the dispute.
- Provide comparables that are recent, proximate (nearby) and similar to the property in question.
- “Recent” means sold within 90 days of the actual value document date.
- “Proximate” varies by location. In a rural area, for example, a home five miles away could be considered proximate.
- You will be able to provide additional notes to highlight characteristics of the comps.
When the dispute centers on property condition or hazards:
- Provide
an itemized estimate from a licensed contractor on the contractor’s
letterhead.
- Provide photos to illustrate the repair, condition issue or hazard you want to highlight.
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