I have a short sale that was approved and expires on the 29th of this month.
1st BPO was done in February, I was there and it went GREAT.
THEN SHORT SALE WAS APPROVED IN JULY for $335k.
We just did the home inspection, and we got contractor estimates and submitted a new offer deducting the estimates of $25k.
HOWEVER, when I called the bank rep. She said there was a 2nd ‘interior’ BPO done in JULY that we had no idea about!! I’m assuming that this 2nd BPO came in much higher because they always come in higher if you’re not there to meet the BPO.
Now… MAJOR CONCERN: She said if I send in the new offer of $310k, it will void the already approved offer of $335k.
My question: If they reject the new offer of $310k, then will they give a counter offer ABOVE the previously approved offer of $335k?
Let me expain: Let’s assume the 2nd BPO came in very high at $400k. Now if they reject my new $310k offer, will they counter-offer at a price ABOVE the previously approved offer of $335k?
Will the lender say:
“Hmm, the 2nd BPO is so much higher than the first BPO, we should have never approved $335k and now he wants $310k. Let’s counter offer at $375k which sounds more reasonable.”
Please help asap!! THANK YOU!