Hi everyone. Just looking for some clarification on my short sale. I am a buyer in Florida on a Fannie mae short sale with US bank. We have been at this since June. This house had already been half way through the short sale process and then the last buyer walked. That is when we jumped on it. The list price was $139,900. We offered $139,000 which was accepted but they needed to order a new BPO because the current one was going to expire before we could close. Sure enough the BPO came back at $170,000 and that is what they then countered back at. Our realtor and the listing agent submitted comparables so they then ordered a second BPO which also came back at $170,000. The negotiator said that they have been accepting 88% of the appraisal which he said would be $149,600 and then he said we would have to add 6% commission, taxes, title insurance fees and closing fees so they would need a sales price of $164,300 that would probably be accepted. From what I have read I thought that the lender paid the commission fees in a short sale? Is it because it is a Fannie Mae short sale that we have to pay the commission? We submitted the highest offer that we could get approved for at $162,000. What are the chances that they will approve it?
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The lender does pay all of those fees. The 88% of the BPO is their Net proceeds. They started with the Net and worked the numbers backward to come up with the sales price. If willing, you'll have a better chance of fighting the BPO price with an actual appraisal, assuming $164,300 is not a reasonable market price. If market is say $140,000 to $150,000, you can't get your financing for a $162,000 sale price anyway.