High BPO
Working on a Short Sale that my realtor evaluated at just over 90K ARV (not listed). I met with the BPO agent, and thought she was extremely simpathetic, but the BPO came in at 78K. My offer was 52K, less approx 5k in closing costs and taxes for 08 and 09. The mitigator (EMC, now owned by Chase), at first wanted 100% BPO. After he found out that I wasn't that naive, I immediately got him down to 90%, or about 70K. After some back and forth about market conditions for the area, etc., I told him I would consult with my partner to see if 70K would work for us, knowing already that it wouldn't. I'm looking at a maximum offer of 70% of 90K = 63K, less a minimum of 3K in repairs and replaced appliances. The kitchen and bath need updating, but they are not in the budget at that price. I sent an updated offer of 58K, highlighting negative market conditions, problems with the property (small, needs updating, one bath, etc.) and included 3 comps in the 62 to 68K range for similar or better REOs that sold in the area within the last 12 months.
My questions are, does anyone have any suggestions regarding something I might do to further my case for a lower accepted offer? Should I follow up immediately, or, just wait it out and let him respond to my counter? Have I done anything wrong? Or, should I just chalk this one up to a bad BPO.
Any input would be appreciated.