Great to hear the update, we are in a similar boat, been told will probably be a couple of weeks from here..Here are some numbers as our offer is substantially lower than yours, be nice for a comparison, since you appear to be priced around where you'd expect the BPO to come in at, or even above !!
21% below zillow estimate,
17% below eppraisal (Carlos link)
14% below comparable listings,
13% below recent sales
7.5% below list price (list prince now reduced 3%)
In our case its difficult to say, as most comps are for bigger homes, but I think we priced our offer fairly. We used the pre-bubble 2002-3 prices as a guide for our original offer, our current offer is in line with those prices also. As regards to BPO's here's an interesting interview (playlist) I came across: http://www.youtube.com/p/EA77A87A1143292B
We started offering 20% below list price, as nothing is really moving in the local market, and most listings have been around for 6 months or more. This is the only property that had become more aggressive with its offer price, coming down 10% to be the lowest priced listing in the subdivision by 7.5%. Took a couple of weeks of wrangling, and walking away before we even discovered that they were settling on our offer which would make the sale short by about $10k. Turns, out the seller is in trouble with their payments, and falling behind a few thousand every month.
In this economic climate, we're pricing our offers realistically, as there is no chance that prices will stop falling for the next year or two ... we're kind of stuck because there are no rental's available, unless you will do condo's or townhomes ... which we wont. Its a tough decision for us as we could quite easily pay the extra $10k for it not to be short, but resisted the temptation as the market is falling. Ironically zillows price estimate has risen by 6% since we made our original offer!!!
In anycase, here's our timeline:
Feb 6th : original offer
Feb 21st : offer accepted by seller
Feb 23rd : went to the bank
March 2nd : BPO
March 9th : Negotiator assigned
Told a couple of weeks from here also,
Good Luck to us all indeed Pacita