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Updated over 6 years ago,
Short sale lender ordering BPO
The lender on my current short sale in dallas said top of this week to get title to send the preliminary hud for the price I offered. So I was thinking it was a go. Plus last week the lender said typically what they do is run the borrowers credit first and if it is under 550k they will approve a settlement price and my seller told me her credit is under 500 so I was feeling positive about it going through. Then agent called my agent an said he was hired by the lender to give them a BPO an he will go to the house sometime this weekend. Is that normal procedure? Or do they sometimes get a BPO, sometimes inspection, sometimes appraisal?
My sellers payoff today is 95k
Principal owed is 60k
I offered 60k.
My agent has gotten high as 80k offered.
Tax value of the house 90k
ARV 140k
It needs all of 20k in repair&updates: foundation, roof, HVAC, water heater, trim, cosmetics
So does it mean the brokers opinion will be closer to 80k ?