Home Value for NPV?

[fustratedwsuntrust]

Does anyone know if the banks are actually getting appraisals done to determine home values? It seems highly unlikely that with the amount of back log banks wouild have the time to get appraisals for all these properties. Does anyone know how the current home values are being determined? It seems crazy that the current home value is such a huge factor in regards to passing and failing the NPV test and I cant find any regulations on how banks come up with current home values.

Any insight would be greatly appreciated.

I went to Zillow.com and the zestimate is 205,000
I went to BOFA website home value tool and its estimate is low 140 and high 180
I went to realitytrac.com and my home value is 150K

I know that there are properties exactly the same model home as mine in my community that are listed as low as 170K....

so how willl my bank determine my property value? I am using the NPV excel spreadsheet provided on this website and I pass if my property is 180K but fail if its 200K.... I was approved for a trial mod but I dont want to get my hopes up! I am not sure what banks do during the trial mod period...

Any answers would be greatly appreciated!

[Evan Bedard]

Hi frustratedwsuntrust,

so how willl my bank determine my property value? I am using the NPV excel spreadsheet provided on this website and I pass if my property is 180K but fail if its 200K.... I was approved for a trial mod but I dont want to get my hopes up! I am not sure what banks do during the trial mod period...

Lenders will usually do a Brokers Price Opinion or BPO, it is like a mini appraisal..

[ama125]

See section on "property value", page 3 - 4... http://www.treas.gov/press/releases/...guidelines.pdf