Hi All! You guys have been so helpful I just thought for anyone interested I would provide and update. If you read above you will see that the bank countered our $200,000 offer with $340,000. In response to that we came up to $210,000 and they came all the way down to $272,000! (Keep in mind our realtor determined the fair market value to be around $250,000-$260,000, so they are getting closer)
We still said, NO to $272,000 and were about to walk when... The bank then asked that we provide them with a cost assessment from our licensed contractor as to what we believed needed to be done to the home to make it livable and if it seemed reasonable they would order another BPO done.
No problem for us as we have already had 3 contractors and 1 architect take a look at it. Our contractor estimate $130,000....house is an old summer cottage...so the $130,000 includes new sidiing (one side of the house is down to Tyvek only), new roof, some foundation work, electrical upgrade and many many other things to get the house up to code...but NOT new kitchen or baths.
The bank ordered the new BPO and came back with $250,000. HA!!! We felt so vindicated! We had done our research and felt we knew the value. So, we went up to $220,000 and now we wait!!!
I believe the bank wants to net out at $225,000 so our offer is probably still to low for them AND, truthfully...$250,000 is probably fair...BUT we want that new kitchen and new baths and we need to but an addition on to make it big enough for our family so we probably can't go any higher price than where we are.
They have (obviously) postponed the forecloser (for the 3rd X!) and a new (4th) forecloser date is set for May. My guess and our realtors guess is the house will foreclose if they don't take our offer....which is a bummer...banks!!!
I don't know how you guys deal with all this Short Sale baloney!
I'll let you know if by a long shot we get it...in the meantime we keep looking.
Thanks - Britt