Short Sale Question:
My Husband & I are trying to buy a Short sale home that has been vacant for over year. We have been the only offer on the home. Due to the condition of the home, we made an offer less than the asking price.
The home has a lot of deferred maintenance including but not limited to leaky roof, mold and mildew, older electrical and plumbing, etc.
If a short sale property BPO - Broker Price Opinion comes back lower than our offer, is the bank required to reduce the price to the appraised price?