BPO Question
What do you do when a BPO comes in at fair market value amounts? Can you request the bank to see how they arrived at that?- HELP!
Situation- house needs 25k in work. OUr original offer 7500.00 BPO came in at 62k. The average house in perfect condition is 55k. Can I dispute the BPO?
I'm sure that you can ask the bank for a copy of the BPO, but why?
If they'll accept your offer, run with it. If they don't find another deal.
If the place is really overpriced, it'll still be there 6 months to a year later. Just check back every month or so and see if they're ready to sell.
If you're really stuck on this property, you could have your own appraisal/BPO preformed as well as a contractor's estimate of repair. Again, it'll make little difference to the bank. The bank will become motivated to sell at some point, they always do. However, it may not be now.
Roger
007icu:
I have found that many lenders will not provide you with a copy of the BPO; ditto for the realtor who provided it. They claim it is proprietary (b.s. in my opinion). In any event, I'm with Rajwarrior. The chances of you convincing some lender who has never worked with you that their allegedly unbiased realtor has overvalued the property are slim. My opinion is that they will tend to believe that persons estimates even if such person is a complete moron. I had an experience recently where a rookie realtor provided a BPO on a house that I was preparing to short sell for $115K; my offer was for $90K; the comps were all around $105. The bank wouldn't budge even after I sent repairs estimates and comps. I walked away. plenty of deals out there. J
Thank you for the input, I guess I have a hard time walking away. I never give up.