Best ways to negotiate shortsale price with bank

[Sean Dougherty]

I have been working with a homeowner at risk of foreclosure for the last few months to transact a short sale. We submitted all appropriate paper work, hardship letter, signed purchase agreement etc. The home is in disrepair, so I submitted a repair estimate from my contractor for required renovations. 

Bank and/or investor ended up ordering a BPO and an appraisal. Since then they have countered purchase price. Price they have countered is much more than I feel the home is worth. Just down the road I have another short sale closing in a few days, same condition and square footage for 50k less than this Bank's counter. 

I am going to counter back. What could I submit along with my counter that may be effective in lowering their price? I have already gave them repair estimate, although I will resubmit that with my counter. Should I find my own local comps and include those sold listings? Anything else?  Thanks

[Minna Reid]

Contractor quotes

Comps/CMA

Inspection Reports

Listing history showing days on market and price reductions

Showing and feedback reports

If possible another BPO or appraisal

If all else fails wait 3 months for their current value to expire and try again.