Home Buying in Corona>Question Details

Shay, Home Buyer in Chino Hills, CA

What should I offer if the home has been on the market for 6 months?? Listing price is different then bpo?

Asked by Shay, Chino Hills, CA Mon Jan 5, 2009

Help! Saw this home and want to make an offer. Home is in corona,Ca in the eastvale area. Home is a shortsale but no one is living in the home. My agent had the mls print out, home says listed as $299,900 but the bank says it's been approved (I think it's called bpo) at 320,000 but has been sitting on the market for 6 months. I want to put in an offer and have the lender pay closing cost, what would be a good offer? Other bank owned homes in the area are also listed at $299,900 and up but are larger sq. footage, the area seems to be hot with all the bank owned and short sale prices. Should I just offer the max price if I love the home or offer alittle less?

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Your Realtor can best advise you on pricing. A BPO stands for "brokers professional opinion" and it means that an agent came out to give their opinion on price that the bank is using to make their decision.
0 votes Thank Flag Link Mon Jan 5, 2009
Cindi Hagley…, Real Estate Pro in San Ramon, CA
MVP'08
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Hi Shay:

This is something that you should be discussing with your Realtor, with out knowing all of the particulars I wouldn't be able to provide a value to you. But in general if it is an approved short sale and you really love the home, than it seems that they would accept the offer that it has been approved for. If the home is not worth that amount because of the comparable sales in the area, then it will not appraise and the lender might adjust the amount that they would accept because of your appraisal (make sure the appraisal contingency is in your offer).

Good Luck:
Diana 909-945-5763
Web Reference: http://www.dianam.com
0 votes Thank Flag Link Mon Jan 5, 2009
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