Hi All,
It's my first time posting, but I have spent a ton of time reading these boards for all the useful information!! However, I couldn't find a whole lot that pertains to my situation. So here's the deal:
I'm under contract for a short sale condo for 90K. The closing date on the contract is 7/31 and the bank ordered the BPO just over a month ago. Haven't heard a peep from the bank yet, but still patiently waiting. Just last week a perfect comp (I was the backup) closed at 71,500 and it is essentially the same condo, but in the next building over. There are two other comps within two blocks that just closed at about 83K.
If BofA comes in with a higher counter, which I think they will, my thought would be to counter at 80K, 10K lower than my original offer. I don't want to lose the condo over this but I feel like there should be some more room to negotiate especially since a perfect comp just closed for 18,500 less.
So my question to you, in your honest opinion, this even possible or reasonable?
Thank you in advance for your thoughts and comments!
Mary
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Replies
Mary - If the BPO was done a month ago, they probably would have countered the price by now, but not necessarily. In any case, if they do, you can ask for the valuation to be challenged if there is legitimate new information (such as newer sales), that the BPO agent might not have used.