The bank will order an appraisal from an appraiser of their choice, and the bank may order first before ordering an expensive appraisal one or more inexpensive BPO's (In the industry BPO means brokers price opinion from a broker or two of their choice) to get an idea if the buyers offers submitted to the bank is even close to the value of the property, before ordering a full blown appraisal which costs 10% to 20% of what a BPO costs. They would do this to save money because in the last few years the banks have been inundated with short sale offers of 25% to 60% of the true value of the homes by investors trying to take advantage of the bank and steal the property from the bank.
I wish you luck.
If you need any help in the future let us know.
Al Goldberg Broker
The buyer's agent should supply comps for any home they are submitting an offer on.
The agent will want the buyer to make a strong offer, but NOT bid over the value if the property.
Much Success to you!
Kawain Payne, Realtor
Yes, the buyer's agent may supply comparables with their offer to substantiate the offer amount. Also, the seller's mortgage lender will have an appraisal done on their side to establish the fair market value of the property before they accept a buyer's offer for short sale. Good luck.
Short Sale & Foreclosure Specialist
Direct phone 818-903-2040
Dre License #01717257
I work in Westside (LA) too.