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Shella Sanders
  • Flipper/Rehabber
  • Dallas, TX
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91
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Short sale lender ordering BPO

Shella Sanders
  • Flipper/Rehabber
  • Dallas, TX
Posted May 11 2018, 21:52
The lender on my current short sale in dallas said top of this week to get title to send the preliminary hud for the price I offered. So I was thinking it was a go. Plus last week the lender said typically what they do is run the borrowers credit first and if it is under 550k they will approve a settlement price and my seller told me her credit is under 500 so I was feeling positive about it going through. Then agent called my agent an said he was hired by the lender to give them a BPO an he will go to the house sometime this weekend. Is that normal procedure? Or do they sometimes get a BPO, sometimes inspection, sometimes appraisal? My sellers payoff today is 95k Principal owed is 60k I offered 60k. My agent has gotten high as 80k offered. Tax value of the house 90k ARV 140k It needs all of 20k in repair&updates: foundation, roof, HVAC, water heater, trim, cosmetics So does it mean the brokers opinion will be closer to 80k ?

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