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Friday, October 14, 2011

Uggh...short sale bump number 1...

So we have officially hit the first speed bump in the short sale process.  The BPO (broker price opinion) requested from the mortgage company came back $28K above the buyer's offer.  Alas the mortgage company is not even going to consider the offer and will counter the buyers at the BPO.  This stinks as I just do not think the buyers will come up that much.

It really sucks for us, as reality is that the next offer we may receive will likely be lower than the one we have now ... plus how long will it take to get another offer.  I will just say it again - selling a house right now SUCKS!!!!

We have a great agent working with us and she is putting some information together for our mortgage company as we speak.  I hope that some factual information may encourage the bank to reconsider the offer.  Facts are that a foreclosure sale recently sold down the street at $11K below our BPO; that a current foreclosure is pending on a home down the street at the same price as our current offer; and that another foreclosure is getting ready to hit the market two house down from ours.  She is also putting a "house showing with listing price" report together to send in - this will reflect that we have only had 5 showings since we hit the market in May, with the three most recent being after our most recent price reduction ~ obviously the BPO cannot be that accurate if we cannot generate any interest in the house at the BPO price (and for what it is worth our initial list price was close to the BPO amount).

I am hopeful that we can "flatten" out this speed bump and cruise along...keeping my fingers crossed!

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