how much below bpo should i push?
lender let it slip that bpo came in at 43K. they will only go down to 38. is this a realistic and fair discount from the bpo when the f/c sale date is still about 4 months off and the house will deteriorate further by that point? (its in pretty bad shape now). he seems unwilling to go further but then maybe i am not stubborn enough...
My experience tells me (whatever its worth) that if a bank gets a BPO at a certain amount, unless you can sway them that that amount is well off base (like running comps or submitting an appraisal for a lower amount) they will generally stay pretty close to that amount. Think about it. They are hiring a purportedly neutral third party to give them an assessment of the FMV of the property. Doesn't it make sense that they would trust the opinion of that disinterested person (especially if the BPO broker is not the broker that will get the listing after the court sale) rather than an investor who stands to gain money from a discounted sale. If you are a few thousand dollars below their BPO and you feel you can still make money on the property even with the needed repairs, go for it.
I wouldn't say that the broker would be a disinterested party since he may get the listing when the bank takes it back.
Just my hunble opinion,
Tom
in my late but relevant opinion...
As a former Realtor that has done BPO's...EVERY Realtor...no matter how often they HAVEN'T gotten the listing...is thinking..."Listing" (Flashing Red lights around the word LISTING is just in your imagination, wink wink) when they do the BPO for their Broker.
Oh wow..I guess I'm not so late...
I was looking at you guys JOIN date thinking that was the post dates...