Short Sale Question:

11 years ago

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?

Thanks.

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Comments (3)

ncrealestateguy
11 years ago
A BPO is not an appraisal. It is a market valuation performed by a real estate agent. It is used as a general guide to give the banks a place to start. The lender may lower the price, but it is not mandatory.
If the bank has not even performed a BPO yet, then the short sale process has not even begun yet, as far as they are concerned.
Linda
11 years ago
The bank is not required to do anything including accepting a short sale offer. Even if you offered the asking price, the bank can still decline your offer
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brickeyee
11 years ago
"The bank is not required to do anything including accepting a short sale offer. Even if you offered the asking price, the bank can still decline your offer"

And they will GLADLY accept more than the house is worth.