I am a buyer. I saw a short sale listing a month back and placed an offer to it.
I have same agent for buyer and seller.
I have already given 1% Earnest Money to the listing agent company.
The BPO was ordered two weeks back and report is given to the Mortagage lender bank which is wells fargo.
My agent has received the verbal information about the BPO appraisal amount which is $25k lower. My agent is asking me to lower the offer and re-submit new offer.
Is that a right thing to do? Are there any pitfalls?
I don't want to loose the house. Please suggest.
LOL...It's a steal then. Go for it. I've only had that happen on a few deals but most servicers are smart enough to just take your original offer and minimize the loss.