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Valuation of the short sale is one of the most important parts of the transaction.  Of course when I am the lisitng agent, I complete my own BPO, submitt my findings to the bank to justify my MLS price and then request a formal BPO. 

I am also an REO broker and it amazes me how the banks fight over values preforecosure and spend thousands post foreclosure!

I am happy to receive the REO listings that I get, however in monay cases a Short Sale is more economical and better for home owners and communites they are in.

As I tell my buyer clients, the listing agent can stick any price on the property they desire, however the bank decides wether or not they will take it.  A saving grace is the when the buyer gets their appraisal completed, this will tell it all, and I have had appraisals come in higher than our contract and I have had them come in lower.  In the case of the lower appraisal, especially if the buyer is going FHA, I have had success with the bank accepting the appraised value.

Unfortunately I have had the bank foreclosue on my listing when they want a higher value, only to come back on the market as an REO and a list price thousands to the tens of thousands LESS than my origianl list... so who knows!!  You just have to present your case and supporting documents and hope they take it!

Thanks for reading!