Yeah those darn BPO’s… aaarrrrrrrggggg…. Here is a quick BPO (brokers property opinion) story… A client of mine was buying a mira mesa condo in a short sale. After like 4 months the bank came back and said the BPO they received was about 20k higher then the offer we submitted. No WAY was that correct. Even the listing agent agreed with us but kind of shrugged and clearly didn’t care. Eventually we walked and bought another short sale in the same complex. Unfortunately my buyer overpaid and I told him I thought so but he was one of those guys that didn’t care. Still he got the place at a price that was more in line with the comps compared to that lame BPO that the bank came back with.
I think that indeed you have VERY valid point about the improvements that are not licensed. Unfortunately I am not an appraiser so someone like Bugs and/or SDAppraiser can discuss the validity of your argument. Yet it does make alot of sense to me. It kind of seems that the appraiser should have checked to see if the improvement was permitted but I do not know if that is a common practice of appraisers or not. This isn’t the home on Summerwood is it?
Anyways, what you need to reconcile is how bad you want the home. If the price point that the bank is at is really close to where you are at so it is only a matter of a few thousand, then in the long run will that really matter. What is more pertinent is, how much do you love the home? That is always the 64k question. If you really want the home then go for it, yet if you are just burned out on searching then that may be harder to answer. I know finding just what you want in Scripps is tough.
