A little long but worth reading............info about BPO's with a GMAC short sale

GMAC had started evaluating the property as soon as we listed.

• Got an offer 45 days after listed.   Upload to Equator. Listing & offer @ $190,000. 
• GMAC countered $192,000 within 24 hrs, Buyer accepted and received approval within 48 hours, however 2 days prior to COE, Buyer walked - She was an investor.
• Increased price on MLS to $192,000 stating the approval.
• 2 months later, Reduced price to $185,000 and received a 2nd offer @ $170,000.  
• GMAC counters @ $200,000, eventhough 1st approval was at $192,000. 
• Sent new lower comparables & I requested a new BPO or appraisal.  Negotiator ordered a new BPO since old one was expiring. 
•  BPO took at least 3 wks because negotiator placed the BPO order wrong.   It came in @ $200,000 - this is now 3.5 months later and our market has dropped alot.
• GMAC stays @ $200,000 counter after new BPO
• Buyer stays @ $170,000 & Agent said Buyer was moving On.  
• I continue with the short sale.....didn't terminate it in writing.
• Disputed his $200,000 Again by sending in new comparables.   $170,000 price is justifiable.
• Negotiator - sent in for re-review
• 2 weeks later (TODAY)  negotiator says the re-evaluation came in within the Offer Price...Yahoo....however, wants the Purity & Nitrate test (required by Oregon be paid by Seller).
• Buyer Agent says Buyer still wants property, so re-opening Escrow.
• I'm disputing the Purity & Nitrate of $170. , if not, Buyer agent said she'd pay it.

So Moral of this Experience .............Be Persistent and Dispute the Bank BPO's... done by other Agents