It is just confusing to myself and my husband.the people who want to buy the propery have been FHA approved for 60

Asked by donnaattuscany, Boynton Beach, FL Wed Jul 10, 2013

And the bank came in to do a Bpo. The realtor said she ordered it. The bank comes back at a value of 100 and it is a short sale and we are all surprised . This is because all 2br 1baths have sold for in the 60's-70s. The realtor gets them preaproved at 70 . The bank comes back at 97 and says 70 is unacceptable to come back with your best offer.we are all baffled, the negotiator asks the realtor to get more money from the buyer. The realtor says the buyer has money. The realtor says the bank is looking at the house as a 3br 1 bath not a 2br 1 bath she thinks . The inside of our home is all cookie cutter like all the rest 861 but the garage has been done over under air (when we bought it)to 1021 sq feet. The realtor told both us and the buyer when we first showed it the wall might have to be converted back. They have said nothing abou
that when po. inside to see the place. Realtor calls supervisor at bank. person taking pic of hous &bk says 2nd Bpo?realtor didn't order next

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Joan Lorberb…, Agent, Boca Raton, FL
Thu Jul 11, 2013
We here cannot help you more than the one's (your REALTOR, your attorney) you've entrusted to handle this short sale. From what you've described in all of your questions your short sale is moving along at a pace that is not unusual for a short sale. There are most always bumps along the road to a successful short sale.
1 vote
Maria Cipoll…, Agent, Coral Springs, FL
Mon Dec 16, 2013
Your best option will be to get another buyer if the first one does not qualify for the $100,000 that the bank is looking for.

Best of Luck,

Maria Cipollone
0 votes
Robert DiAlb…, Agent, Coral Springs, FL
Sat Aug 10, 2013
I hope you have kept investigating and asking questions. Do you have a back up if this falls through? Would be interested in hearing how you are doing?
0 votes
marc jablon, Agent, Boca Raton, FL
Thu Jul 25, 2013
As realtors, we continue to laugh ( and sputter, and occasionally get sick) at the term "short sale." Most buyers think it means the process will be quick.

In act, it is almost always the opposite. Rule of thumb: short sales take a long time. Also, short sales are often frustrating. Short sales fail 66% of the time.

Short sales require patience, fortitude, and the ability to bring additional cash to the table; that's because banks very often increase the price above the original listing price. Unfortunately, you will not know how much until several months have gone by with no response whatsoever.

Then, suddenly out of nowhere, just when you are ready to pull out of the transaction because the bank has not responded to your realtor's inquiries, the bank comes back with an answer.

It's higher than you expected but you've waited this long and lost out on at least half a dozen other home that might have made more sense. So you say yes.

And that is the joy of a short sale. From what you relate, it sounds lke your realtor has done everything that realtors are supposed to do.

And, unfortunately, the bank has done everything that banks typically do during short sales.

Marc Jablon, the Jablon Team
RE/MAX Complete Solutions
0 votes
Whitney Hall, Mortgage Broker Or Lender, Fort Myers, FL
Thu Jul 11, 2013
Banks are more and more difficult to deal with. They beileve that in this market they will get that BPO price right or wrong. Highest and best is the theme nowa days. Good luck!
0 votes
Annette Law…, Agent, Palm Harbor, FL
Thu Jul 11, 2013
Short sales are very complex, convulted, illogical processes that eventually result in a sale.
Any effort to 'understand' what is taking place implies there is an understandable process that is observable on the consumer side. There is not.
Your effort of demanding a explaination is an exercise in futility. Trust the ones you hired. For you the outcome will always be the same. You will walk away with nothing. How that outcome is reached really should not matter to you. Nothing is still nothing, however long it takes.
What's next? More negelect. More failure to communicate. More bad faith negotiation. More buyer abuse. More seller abuse. More arrogance from the bank and negotiator. More imcompetence. MORE TIME!
Donna, from what you describe, your sale is going along as PERFECTLY as a short sale can. Exactly how one should expect a short sale to proceed. You need to stop working yourself into a frenzy. Trust the ones you hired. In the end, you will walk away with no benefit from the sale.
0 votes
Robert DiAlb…, Agent, Coral Springs, FL
Thu Jul 11, 2013
I concur with Danielle Sharp. Can't add much but just to say that the markets are continuing to evolve and everyone is struggling to manage the process with the banks. Just keep asking questions and press your Realtor to press the bank.
0 votes
Danielle Sha…, Agent, Cape Coral, FL
Thu Jul 11, 2013
You have to speak with your agent instead of asking everyone questions online. None of us knows all the details.

All a BPO is the bank sending another agent out to take pictures & run comparables for $40-50. When a short sale is initiated the BANK orders the BPO to ensure the offer is based on what the property is worth compared to others home with similar features & condition. Your lender can accept whatever dollar amount they want for the property.
0 votes
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