BPO is in...help

Ok so first off sorry, I am still trying to get this whole short sale house buying process.

The BPO came in 2,000 more than we offered but we believe was submitted prior to the vandalism of the house. Also there is no oil in the tank so we can't get the burner on and also can't get hot water...lastly the pipes were never winterized last season so there are def 2 breaks in the pipes. The lawyer just stated the owner has no funds to fix this or put oil in the tank, so my question is....is the BPO negotiable at all?

And thank you all for dealing with my craziness...home buying may give me an ulcer.

Re: BPO is in...help

We are currently in contract for a short sale and our BPO came back WAY above what we offered. We weren't willing to go up that high so we are in the process of negotiating an appeal. It's been a major headache but we just keep hoping its worth it. I am not sure if I would go through this long drawn out process for 2000 though. It's draining and I am losing patience!

Re: BPO is in...help

you can challenge the BPO

who is dealing the bank? the attorney or the agent

is the bank aware of all this?

Message edited 9/25/2012 2:39:42 PM.

Re: BPO is in...help

also- if you think there are broken pipes you can't just put oil in the tank and fire up the burner

are you doing a 203K mortage? you should be -

Re: BPO is in...help

thank you beth! The attorney is dealing with the banks. Unfortunately the broken pipes were noticed only just recently (during the appraisal) along with the vandalism (bitter ex husband) it is a conventional loan not a 203k. I spoke to a plumber and they feel its not as bad as we originally thought. The bank is only giving us until tomorrow to accept the counter offer. I dont ever want to go through a home buying process again!!!

Re: BPO is in...help

your bank is ok with leaking pipes?

or are they going to want that addressed before closing? or have you put money in escrow?

who is doing the mortgage?

for $2K I would probably just move forward- I would advise my buyer that at this point

Re: BPO is in...help

We have to fix the leaky pipe and have hot water, we held off until we knew the deal would actually go through :) we are using capital one for mortgage and they have been the easiest part of this process so far!

Getting into this house has been a nightmare, the selling agent is VERY uncooperative! She is the only one with a key and she is never available.