Send in Lower comps and ask them what their bpo came in at. Or get a new appraisal done and or interior bpo supporting your new purchase price. Tell them you'll bail without it. Look for any reo's on the market and compare that to your offer price. Is all about how fast the properties are selling for in 60 days as of today. The negotiators delegated authority should be to accept an offer 85% of their BPO.

I am certain you do not have a contract that is contingent on the county assessment supporting the sales price. So, no you won't be able to negotiate based on that.

You probably have a contract that is contingent on an appraisal - what did the appraisal come in at? If your appraisal is lower than your contract price, then you likely will have success renegotiating the short sale price. If the appraisal supports the sales price, then I am not sure why you'd worry too much.

Assessments are more likely wrong than appraisals. Besides if the county values the property lower it means your taxes are going to be less - this can be a good thing for you! Don't fight it.

But, if you've just got cold feet and want out, then there is probably a way out. Talk to your agent and/or attorney.

Dear MVP,

DO you have contract contigent upon Financing
or
H. Inspection
or
HOA
or
ETC>>

If you dont have an agent hire one show the contract to the agent and get an advise, it is a tricky market and only smart people with strategy get a good deal!!

It is possible to renegotiate the contract but it depends how much you want off and how long will it take to renegotiate with bank.

in other words it is possible to lower the offer after short sale is approved by doing two things
1. Either do it using contingencies
Or
2. By loosing your deposit (bad choice) but what is better in long run remains the q?

So you need to know upfront what are your options.

Hope that helps again,

Monika Kumar
703 626 3327
The RealtyGeeks Team

Hi MVP,
Do you have a buyer's agent working for you? If so then you should ask their advice. A tax assessment is not really a true indicator of value. If you are getting a mortgage on the property I'd be more concerned with the appraisal. The appraised value is a more true reflection of the value since it is based on revent (3-6 months) sales data.

Check your purchase contract, it probably lists any contingencies for which either buyer or seller can back out of the deal without any liability. However, a tax assessment is probably not one of them and you may lose your earnest money deposit.

Best of luck