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What website does Bank of America use to determine our homes value?

Discussion in 'Bank of America Mortgage Help' started by kenneth, Mar 29, 2010.

  1. kenneth

    kenneth LoanSafe Member

    What website does Bank of America use to determine our homes value?
  2. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    They usually will oder what is called a Brokers Price Opinion or BPO. These are done by local real estate agents who know the market and have recent sales comps.
  3. justcurious

    justcurious LoanSafe Member

    Hey Moe, does that mean that we don't need to worry if Zillow or the value that our property taxes are on are way off??
  4. davephx

    davephx LoanSafe Member

    Property tax info is worthless since value is often computed different ways and not current. In AZ the assessment values are from 2 years ago.

    Most banks use I believe a secret automated system to get values. BPO's seem usually required for some banks inhouse mods. But for HAMP usually use the automated system. When I was verbally approved long ago... while on phone the mod guy ran the NPV and said I passed because so far underwater but won't tell you what the value they had was.
  5. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    They do not use Zillow. My opinion is that Zillow is not very accurate in this market. They will figure out the taxes when they request tax info from the state.
  6. Studio_Medic

    Studio_Medic LoanSafe Member

    Today I talked to a BOfA loan officer to see if I qualified for a MHA refi.....Within a matter of seconds, he said my house was only valued at $81,000......he must have been looking through his crystal ball:confused: Last month I had another appraiser do a semi appraisal and he apparaised the house at $140,000...

    Well the BOfA loan officer said I DID NOT qualify for a refi nor a MHA loan...go figure!
  7. ama125

    ama125 LoanSafe Member

    Banks will often use an automated value model. Fannie Mae has a good explanation of what that is... https://www.efanniemae.com/sf/guides/ssg/relatedsellinginfo/avms/

    Big banks will likely have their own avms. I asked my BofA negotiator what they said my home was worth and he pulled it right up for me so they must have some avm that they just put in your address. I can't attest to how accurate their avm is, but in my case, I had a professional appraisal done to appeal my property taxes. My appraisal was done in June and valued my home at $515,000. When I asked my negotiator in August, he said my home was worth $478,000. That was fine by me since it would increase the odds for a modification relative to what I owed. If someone contests the avm, then they may do a bpo. There is also some more info on avm and bpo in the HAMP guidelines.
  8. timmywit

    timmywit LoanSafe Member

    If you would pay for a certified appraisal that should stand. that is large descreptency IHMO. Can you go for a loan modification seince they feel your home is worth that much. I think they use cyberhomes, give that a try.
  9. timmywit

    timmywit LoanSafe Member

    here is what I found with there valuation tools.
    Zilliow is a joke, they give my value at 270k-I thought Wrong. as I know home simlar to mine are selling for 150-200.
    Cyberhomes actually came very close they gave a value of 180k, I called two diffrent realitors pretending i was looking to sell, this can be considered a BPO, they came up the a low 160k high 210k.

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