we put an offer on a foreclosure property through their broker. The bank came back with a full price counter

Asked by Janet, Maine Mon Feb 4, 2008

offer and requested a BPO with their agent. What happens now?

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Julie (Toon…, Agent, Hilton Head Island, SC
Mon Feb 4, 2008
The bank is not willing to accept your offer so they have countered with their full asking price for the property. At the same time, they have asked their agent for his or her opinion on the price of the property so this may indicate that they might reconsider if your offer was more reasonable to them.

A BPO is a broker's price opinion. The BPO asks for prices of recent sales and current competition. It's a lot like an appraisal but it's done by a real estate broker and not by an appraiser.

There are several questions you should know the answers to in order to proceed. First and most importantly - is this the best choice for you? How far off the asking price was your offer? Is the property worth what they are asking for it? What kind of condition is the property in (foreclosures usually sell 'as is')? What are other like kind properties are on the market and more importantly, at what price are like kind properties selling?

You may want to talk to (or hire) a buyers agent about what else is available in your marketplace if you decide that this is not your best choice or if the bank is not reasonable on the market value of the property.
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