Typical % of BPO value for SS Approval

Does anyone know what typical percent (e..g, 85%) of BPO value that IndyMac/OneWest Bank will accept when they are 1st mortgage and 2nd mortgage holder?

Negotiating deal that has had multiple counter offers:

List Price $825K (supported by appraisal ordered by owner before listing)

Original Offer $775K

BPO $870K

Bank's 1st Counter  $870K

1st Revised Offer $825K

Bank's 2nd Counter $870K

Suggestions and comments welcomed.

Views: 296

Replies to This Discussion

Permalink Reply by Ben Benita on July 16, 2013 at 7:01am

There are ALWAYS exceptions, but generally:

Fannie Mae (FNMA) – 92% of BPO

Freddie Mac – 92% of BPO

VA Loan – 88% of BPO

FHA – 88% , 85%, 84% of BPO depending on time frames

Conventional – 75% – 95% of BPO

Second Liens – 5% - 10% of amount owed

Third and other Liens – 5% - 10% of amount owed

.....these are in my book, "Are YOU more likely to see Bigfoot or a short sale approval letter?"

We have a second book coming out mid-August with even MORE great tips and tricks....will keep you posted!!!!

Permalink Reply by Kathryn Carlson on September 3, 2014 at 8:32am

Ben:  Very helpful.  Thank you for sharing!

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