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Answers (6)
- Deborah Holmes, "Debbie Holmes"
- Contributions:386
I have been told some people have the BPO's often come in high so that the house goes to foreclosure then they get the listing.... That may not be true.... You can challenge a BPO, meet it, or counter......
- Nicaury Miller, "Home Styles Realty"
- Contributions:51
When the bank comes back with a higher offer, is because they already had the bpos done and that is there final backoffer to you. You have a choice either back out or go up in price.
Nicaury
- James Callas, "ABBAUSA"
- Contributions:960
A BPO is just an opinion by a broker right.
It is subjective, like an appraisal, but with less work and less sophistication.
I noticed in the past that my BPO's were usually less than the others and I don't get many requests. Mine were more realistic (at least that is how I saw it). There is no hiding a foreclosure from experienced investor and not from a green horn. The property has a stigma and the price will be less.
The lender is always beat up on the price.
Good Luck!
James Callas - Realtor®
- James Berman, "TheNJRealtorGuy"
- Contributions:198
I do these all the time and every time I know the company that hired me to do it is has also hired at least 1 other if not 2 more agents. As to how the company reacts to the difference between the sale price & BPO depends on the reason for why it was done.
James Berman
www.TheNJRealtorGuy.com
James Berman
www.TheNJRealtorGuy.com
- Lane Midgett, "Lmidgett"
- Contributions:274
They usually order more than one BPO to begin with and compare them all. If the value they determine based on those BPOs is higher than the contract price, then you might be forced to renegotiate.
- Sam DeBord, "SeattleHome.com"
- Contributions:3472
The bank will attempt to get the buyer to raise their offer price and match the "value" stated in the BPO. If the parties can't agree on its validity, sometimes a 2nd BPO can be ordered, or better comps can be suggested to fix the value.
What happens when the BPO comes in higher than the offer when purchasing a
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