You cannot use logic as a means to understands banks. They are motivated by two things; greed and fear. Right now fear is ruling. I work in the Bryant-Pattengill areas if I can help anything.
Prudential Snyder and Company
Banks usually order 2 BPOs on each property. If both BPOs do not come in at about the same market value, then a 3rd is ordered to see which of the two previous BPOs is closer to the current market value.
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Good Morning!! As everyone has said nobody can second guess what the lenders are doing. In my experience in doing BPO's for lenders. I find that when the 1st 2 BPO's are more than 10% apart they will either order an appraisal or a 3rd BPO.
Karen Paytas, GRI, CMS
Real Living Kee Realty
David is exactly right, you can't use logic to understand a bank's actions.
Often there will be different people at banks who make decisions about a particular file. One may have no idea what another is doing.
There is no guarantee that you will get a response after one, two, or three Broker Price Opinions (BPO).
There could have been data in the BPOs that conflicts with what was already in the file, they could have discovered conflicts of interest in the BPOs, there really is no way to know.
Good luck with your efforts.
Were the 3 BPOs done within a reasonable time frame? If they were done months apart, this could be a reason. Or, if the BPOs were not done correctly, this could be another reason. It is hard to answer this without knowing all the conditions. Have your Realtor ask the Listing Agent to find out from the Short Sale lender(s) why they are doing multiple BPOs.