OMG! BPO was WAY off...now what?

We have a property built in 2006 that has TWO brand new homes for sale on either side of it.  They are both a bit smaller but just built.  The first just sold for $349,000 and was on the market for over a YEAR with constant price drops and a starting price of $480,000.  The second has been on the market over 6 months and started at a CRAZY price of $619,000 and the recent drop is to $479,000 but no offers. (I know the listing agent)

Our CMA and comps pointed to about $425,000 and I've had success with IndyMac before taking between 80-90% of the BPO price.  So we felt we had a strong offer at $380,000 on the property.

They came back today and said they wanted $495,000 for the property?!?  The BPO was WAY off.  I know this area and this culdesac well. 

Any suggestions?  They aren't even close to the CMA and obviously wouldn't consider a discount off that price.

Views: 32

Replies to This Discussion

Permalink Reply by Kent Dills on May 14, 2010 at 2:11pm
Smitty,

You've got at least four options:
1. Send in your own CMA with better comps and CONTEST THE BPO. You've got to convince the bank that your CMA and comps are more representative of the subject property than the "way off" BPO.
2. You can get an appraisal done. And, assuming it support your CMA and not the banks BPO, send it to the bank.
3. You can wait for the current BPO to get "old" (i.e, over 90 days old) and then ask them to order another one.
4. You can do nothing.
I opt for Option 1 and then Option 2 in that order! OBTW: Option 1 has always worked for me!
;-)

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