Is property appraisal a good sign?

[discogirl]

Yesterday evening I got a call from a Remax agent saying she would be by today at 11am to do our appraisal. I had not heard anything from Chase so I was shocked to say the least. I am going on my 9th trial payment. Has this happened to anyone else? Anyone have any idea how the appraisal value can affect your chances of getting approved? My house is pretty torn up looking because we were remodeling & when the economy collapsed, we stopped. Any advice is appreciated!!!

[momma1]

Hi there,
I'm with GMAC so my experience may be different. I have made all of my trial payments with February 1st being the last. I haven't has a Real Estate Agent contact me for an appraisal. I'm a Real Estate Agent myself and so my advice to you is not to sign anything. GMAC at one point had the Short Sale area call me and ask me if they could have a Real Estate Agent come over to list my home as a Short Sale...Of course I said no. Agents do CMA's (current market analysis) or BPO's (broker price opinions) but not appraisal's. Only appraiser's can do that. I hope everything goes well for you!
Take care

[discogirl]

When she called she said the appraisal was at the request of the lender. I called Chase & they said all my paperwork was in, and that they do order appraisals & don't give any notice. The woman came out today & took pictures of the inside & outside of the house. Not sure what to think. Being hopefully optimistic at this point, but nothing surprises me anymore. If they were trying to force a short sale or start foreclosure wouldn't they have to at least send me a notice?

[dingo3497]

I would be alittle skeptic. I went through a 6 month forebearance and then a 5 month trial period before being approvel through Chase for a HAMP. At no time did they ever mention a appraisel or do one! I would find out real quick what Chase is up to. I am sure other people approved by Chase for a modification can sound in on the subject. Good Luck but asked lots and lots of questions.

[RE Drama]

Hi there,
I'm with GMAC so my experience may be different. I have made all of my trial payments with February 1st being the last. I haven't has a Real Estate Agent contact me for an appraisal. I'm a Real Estate Agent myself and so my advice to you is not to sign anything. GMAC at one point had the Short Sale area call me and ask me if they could have a Real Estate Agent come over to list my home as a Short Sale...Of course I said no. Agents do CMA's (current market analysis) or BPO's (broker price opinions) but not appraisal's. Only appraiser's can do that. I hope everything goes well for you!
Take care

Exactly! These agents are showing up using the term "appraisal", assuming the homeowners fall for it. I see NO reason for them to enter the premises. They can get comps through the MLS. When they are let in, they are able to report to the bank that someone actually lives there, and they can report better on the condition of the property...but what's that got to do with the fact that its underwater and would never sell for any more than the comps they could have pulled up on the computer? I tell ya, these banks are a mess!!

[starspire]

Chase had a BPO done on my property a while ago, and then they tried to foreclose upon it after making all of my trial plan payments without even calling me first.

They may want to justify a principle reduction, or they are scoping out the property to see if they want to take it or not. I would have an Attorney ready to file an injunction if they try to foreclose after approving you for a Trial Plan.

[famlena]

I had 2 interior BPOs ordered by the 1st & 2nd both mortgages were owned by Chase. Soon after I've completed my 3 month trials the 2nd tried to foreclosed on me. Hmmm...come to think of it they were trying to see the condition of my home and I guess they wanted it.

[Evan Bedard]

I believe the rep was referring to a BPO, this is very common during the modification process...

[Whittier]

I believe the rep was referring to a BPO, this is very common during the modification process...

Learning here still....what's BPO ???

[rcamiller]

Broker Price Opinion , is a method that a real estate broker (or a sales agent acting on behalf of their employing broker) uses to estimate the probable selling price of a real estate property/house.