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
Bank's 1st Counter $870K
1st Revised Offer $825K
Bank's 2nd Counter $870K
Suggestions and comments welcomed.
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
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Ben: Very helpful. Thank you for sharing!