BPO Agent And Swamp Bank Equals A Short Sale Failure

It's really obvious: obvious to those who know the complex and area that this condo is worth $85,000 and not the $97,000 the agent doing the broker price opinion (BPO) came up with.

So we countered at $86,000.  A few weeks go by and the bank rejects the counter stating it will only accept $97,000, probably believing, based on the wrong BPO that they will either find someone stupid enough to pay $97,000 or that should it go into foreclosure that they will get closer to that then short selling it for the current offer price.

How the BPO agent arrived at $97,000 is a mystery.  In fact, the BPO agent did not even go to the property as required.  The lender did not even hear care to understand that the BPO is wrong and that the BPO agent did not follow their guidelines.

The result will be an unnecessary foreclosure with the added risk and cost and lost time where here was a buyer that was ready and willing to take the property at current market price for cash.