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If it is functional but outdated it will become an expense for the buyer down the road with upgrading to sell to the next buyer.
I haven completed many bpo lately but have completed close to 1,000 over the years (can remember the exact number). Also it makes a difference is the house is outdated.
For those that haven yet been approved at a specific price, there is no way to know if the listing price is something the bank would accept, let alone something lower than list price. In fact, I had cases where I offered 10% more than list price and the bank still didn agree to the sale.
in at usually.
Most of the times you will not know what the BPO comes in at, but some negotiators will just tell you. BOA will counter an offer within a ball park of what the BPO comes Nike Roshe Run Red And Blue
On the bpo now they actually make the 3rd party bpo broker/agent (who does not have the listing)sign an electronic from when submitting the report that they have not been influenced nor have they had discussions with any parties relating to the value of the property. Like the others have mentioned, a BPO will be done and that will be the main basis for the lender approval. I would ask your Realtor to do a CMA with 5 sold comps within the past couple of months, 5 pending comps and 5 comparable listings. Make sure the agent includes REO Short Sales if available. That will give you an idea of where a lender BPO agent "Should" come in with a value. I wouldn be afraid to offer 10% less than that value. Be prepared for a few months wait. Short sale approval time seems to be getting shorter, but an average of 3 4 months is good to plan for.
Good Luck!Put in offers on property that no BPO has been done yet or the BPO is outdated and has to be redone. Lenders want market value for the property, but does that mean you can make $$. Of course not.
In general, you can ask the listing agent what the BPO price was, and whether s/he thinks there a reasonable chance a specific offer will get accepted, though there no guarantee they will have any idea (though they probably be honest, since their goal is usually just to get a sale done for their buyer).
The ones that are approved by the bank Orange Nike Roshes
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are likely approved at the price at which they are listed. So, if you offer that price or above, you likely get an acceptance from the bank. For those, you may be able to offer lower, but the closer you come to the approved price, the more chance you have of getting an acceptance.
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As far as not knowing the BPO price after it done, it depends on who does the BPO. In many of the short sales I see, the listing agent does the BPO, so she certainly knows what it is. But, I guess if the bank has a third party do the BPO, they may not want to reveal that information.
If a property is valued at $300,000 depending who owns the note, they may take up to 80% of the BPO price. So $300,000 $60,000 the lender may take an offer in the ballpark of $240,000 Again, WHO owns the note is an important part.
On the above scenario I may start at $230,000 just to see if I can open the lines of communication with the lender. If Nike Roshe Run Black And Green you get a buyer in at $280,000, you know you can feasibly move your offer up to possibly $260,000 or more depending on what you want to yield for your net profit.
If there is no BPO yet, then certainly the short sale hasn been approved. This means that the price that the property is listed for even if you offered full price may not be satisfactory to the lender.
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