Sorry for the re-post, I couldn't change the title of a similar post so am being more specific with this title in the hopes of receiving more information.
I've heard that on a short sale, a bank will accept a certain percentage of their appraised value. Is there any rule-of-thumb for what % of the appraised price a bank will accept? And what is that based on? What factors can affect what the bank is willing to accept?
The seller's delinquent mortgage is apparently not an FHA mortgage.
they won't a prevention of their bpo . I have been working with short sales for a while but have not heard the number. Usually they want an walk away amount. Than they go from there. In our case we figure our what we are willing to offer and we offer it.
They generally won't reveal what their BPO number is, so it's hard to gauge a % of that. Another factor will be if there are any additional liens they have to contribute to. As said, just make your offer, and go from there.
I have done pre-foreclosure and short sale appraisals in the past, the bank wants different value estimates, value "as is" and value as repaired based on an estimated Cost to Cure for an deferred maintenance issues or required upgrades....the also ask for a value for the property to be under contract in 30, 60 and 90 days...I don't do BPO's but I can tell you that they are asking brokers to do them for $30-$50 which I wouldn't even consider, at this price they are getting what they pay for...pay peanuts, get monkeys...never heard of a set % from the bank other than what people here in BP nation have said about their accepted offers...good luck...just my opinion !
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