FMV Plummeting in the middle of SS negotiation

Foreclosures, Short Sales, Tax Foreclosures
1

I’m in the middle of negotiating a handful of short sales, but on 2 of my properties, the FMV has fallen. Investor put in a bid (solid based on calcs), but it’s now 40 days later and new comps have gone down. Investor wants to withdraw.

I support the investor withdrawing and coming back in with a lower offer (on this one there is time and loss mitt is a pleasant and easy going person that will allow the time for me to find a “new” offer).

So here’s the problem: The BPO is already done (was done 2 weeks ago). Should I convince loss mit to order a new BPO to reflect new prices or should I just try and use my recent comps to point out the change in FMV? I assume banks don’t pay for BPO’s and just get realtors to do it pro-bono on promise that they’ll list with them if property goes to REO. Also, what if BPO guy manipulates BPO to reflect a higher FMV than what is reality?

2

I am having the very same problem here. I usually include my BPO contact in with my packets. A lot of the banks have asked for it actually.

I would submit new comps independently and also ask for a new BPO

3

Actually Realtors make around 50-100 bucks a bpo, depending on exterior/interior. Write up an addendum with any new terms and submit it with a reason. Get it to the negotiator asap.