Home Buying in Burnt Store>Question Details

Nicholas, Home Buyer in 32951

How would you recommend negotiating with a bank on a short sale when their BPO is $110,000 and the appraised value is $95,000? First buyer walked.

Asked by Nicholas, 32951 Wed Apr 20, 2011

I realize the difference between market value and County appraised values but in this market the bank should be more willing to come closer to the appraised value. Any thoughts would be appreciated.

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Answers

3
The property appraiser takes the "market" value and subtracts 10% for the cost of selling the property and comes up with the "assessed" value. Do the math -- the BPO and the property appraisers value are pretty close.
0 votes Thank Flag Link Mon May 16, 2011
You can always ask for a new BPO, when was the last BPO done? Also ask where the appraiser was from, he may very well have been from out of the area.
0 votes Thank Flag Link Wed Apr 20, 2011
Nicholas,

I'm confused.......are you talking about assessed value? if so this is a number generated by the taxation department that is used for tas purposes alone and has nothing to do with the value of the property. These numbers are generally quite a bit lower that the appraised value.

If working with an agent, we recommend asking him/her to do some research and pull up the recently sold comparison properties. This should help you to get an accurate feel for the value of property in this area. If the BPO was done accurately your research should support the $110,000 number, not the $95,000.

Good luck,

Bill
0 votes Thank Flag Link Wed Apr 20, 2011
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