Hi,
Am a newbie here - have enjoyed the readings. First time I have been asked to do a BPO for a house that is "pending" for the present owner. When I look at the comps it seems the house has been priced by an agent very low - house nearby was on market for
265 days which is also pending. This house, priced low for 45 days. Pretty much same house. (floor plan, condition etc)
I guess my question is, can I refi with my house being sold?

Never thought about it before....

Not sure what your asking here....Can you re-fi with your house being sold? ..NO , you can't re-fi a house that you don't own...
Can you re-fi with your house under agreement ... or on the market .... NO .....I guess there are ways around it , not legal.... The home your doing a BPO is not for a refi ... It is a " short sale" ... I see this is your first post... You should read thru the forums throughly .... What part of MA. you from ? ...

Based on your post, I would say that the subject is probebly a short sale. It also sounds like the owner couldn't wait 265 days like his neighbor did and needed to price it low to sell quickly. In the end, it doesn't matter why they need the BPO, just report that it is pending and complete the order. Good luck.

I'm not clear on your question? Refi with my house being sold? I don't know why anyone would refi when their house is under contract unless I'm not understanding the question. Unless they needed some cash flow or something imediately. Maybe it's under contract for a short sale and the owner has managed to find a way to refi so he won't have to sell. Could be any number of things. I've done plenty of BPOs on houses that are pending. Most of the time it's for short sales though. The mortgage company wants to know if it would be better to accept the short sale or go through with a foreclosure or not do anything. Or possibly the mortgage company is about to foreclose on the house while it is under contract. And usually agents that list short sale do list low and just hope the mortgage company will accept an offer if they get one. Just do the BPO and write in the comments that the house is currently listed and under contract. It's not your job to find out why a BPO needs done. Use the area comps, but don't use the subject property as a comp. Give the value you think best. Though with some BPO companies you really have to comment to get them to accept the value you think is best.

OHAgent has the right answer I would think. I've done tons of BPO's on pending short sales ........

It's one of the few times I feel like a little god, thats with a small 'g' .........

Many times the order is an 'interior' and I need to contact listing agent to make arrangements to see the inside. Many times listing agents try and bribe me, anything form a bottle of wine to dinner for 2 at a nice place. Isn't it funny how we take an oath of integrity in our industry but many times our fellow agents have nothing of the kind .......

Haven't been offered any sex yet but in California it might be from a guy agent ...... or is the guy really a gal ........

That Realtor ethics code flies right out the window for some agents.

you mean the 'flies' swarm around them all day long like they are a pile of c _ _ p .........

That too.

Never taken a bribe, never .........

Always have operated in integrity ..........

Of course I give thanks to Guy up above for keeping me in line ........

I know, I know, here comes the religous topic again, to each their own ........

It's easy to fool us, but it's hard to fool the flies....

What part of NC? My kid's live there .......

Thanks for your input - you folks are great. I'm glad I found this place! I do "kind of" know the other realtor - I'm going stick to the comps and where the BPO range is, is where it stays.
Let the bank decide.
Just wanted some input.

I agree it sounds like a SS. BPO companies are pretty clear that you are not to discuss values with anyone other than the company for whom you are working. Thus talking to the listing agent is a non starter.

I've heard my share of whining & caterwauling but my answer never changes: *Sorry, I can't discuss this with you*.

Agreed, the last One that tryed to bribe mr even called me twice the following day to see if I 'brought' in the lower number needed .........

The property went from pending to active so I guess you all know the answer, and he didn't send any wine HA HA

Most of the time when agents call me after I've done the BPO for their short sale listing, it's several days to a week or more since I did it. I can honestly tell them that I don't remember what value I gave the house as it was 15-20 BPOs ago.

Had one where I really had to bite my tounge. It was a SS, easy one to do b/c there were recent ie w/in 90 days sales of similar units in the same gated community, the kind of BPO that makes up for the time lost on the crazy ones . . .

Agent was devastated b/c the appraisal came in $150K too high. I mean say what????

The *only* way that appraiser could have come in that high would have been to stay w/in 1 mi but go to an adjacent city which is hi end rather than use valid recent comps right there in the same development.

Poor seller lost a legit buyer, the listing price was right in line with what I found.

I sooooo wanted to tell that agent *I didn't do it*!

Now that's funny! Apparently I am not in the right part of town. I need a few more bribes. J/K.

Yes, Texas has steers and sad to say California has .......

Good beers .........

SLO - Raleigh

SLO - By the way I have an uncle that lives in Cambria.I have spent a few nights on Pismo Beach.