Is there a difference between the bank’s BPO and what the auction starting bid/apprasial is?
Property is up for auction March 23 with starting bid at 42,500 with apprasial being 68000k. (in court records this says its a land apprasial)
If I try to offer a short sale to the bank, will the bank’s BPO be different?
The bank will order their own BPO, the appraisal value provided by the courts are randomly picked I think. :-\ I’m sure they have method to get that number but they can be so far off I can’t figure out how they come up with them. I don’t leave the house much so I don’t know a whole lot about this area, I’m still learning. From what I’ve been told the start off bid is generally something like 66% of the appraised value. Again, these are numbers the courts use to do their stuff. You need to use your own numbers. Use the appraised value given by the banks BPO. After all, that’s the number they are going to use.
A BPO and auction starting bid are usually not related. The Auction starting bid is usually the outstanding balance of the mortgage being foreclosed. If the 2nd is foreclosing the starting bid will not include the 1st.