lender wants a 2nd bpo ...

[H. M.]

When the offer was made, the lender ordered an appraisal. The lender countered with a net of 85% of the appraised value. I made 3 counter offers but, they wouldn't budge from the 85% net.

In order to postpone the foreclosure, I accepted their net. Now they've ordered a second bpo!

I thought we were done when I accepted their net. Thought all I had left to do was to finish negotiating with the 2nd mtg.

Any advice?

[James Ward]

H.M.,

You can change the Purchase Contract anytime you and the other party agree. But, that does not mean the Lender(s) have to approve that newly changed Contract. Also, the Lender(s) will sometimes act like they must totally review the entire Short Sale Package all over again, with a changed Contract.

Now, as for the BPO's. Lender(s) can and will order them many times. I have negotiated a Short Sales where 5 BPO's were ordered.

As for your offers. I have written many many times about this. You MUST justify any offer that you submit to the Lender(s). The better you justify with documentation, the better chance you have of the Lender(s) realizing your offer is worthy.

I hope this helped.