Bad BPO? Fight it!

[Maryann L.]

Short sale under contract in February. First BPO done, Bank offered us $220,000 - OUR offer was $128,900. We said no and started laying out the framework that that was an ARV, and home needed a lot of work. Second BPO got ordered. Bank came back with $210, 000....

Now we sat back and scratched our heads. We really didn't think we were THAT far off in numbers. We had thought AS IS value might be around $165,000-$175,000.

We had the Realtor write up a letter that explained that the $200,000 range was AFTER REPAIRS were complete and then added our pictures, police reports, repair estimates etc. (Actually this stuff was submitted ALL 3X) Realtor Report after 2nd BPO came back bad.

Bank ordered 3rd BPO

I listed the property at $220,000 for fear it would come back AGAIN in that range and wanted to TRY to get a C buyer lined up and if I had to would go A-C.

Bank came back Friday and accepted the 128,000 - 2nd wants updated profit loss and bank statements and then will issue approval. We have till mid AUGUST to close and NO deficiency.

Confident buyer will be obtained in the next two weeks. I'll check back in and let everyone know. This was a tough one for me, but the moral is DON'T get discouraged when the BPO is too high. Keep presenting your case.
:D