Its the bank’s responsibility to make sure they are not getting screwed.
But good luck getting them to be as diligent as they should.[/quote]
Exactly. Some appraiser provided the lender with a broker price opinion and I’m betting that the buyer in this case at least hit that BPO. Now, the appraisal might be screwed – this happens a lot these days – but it’s the lender’s job to make sure that doesn’t happen. Once someone hits the BPO… the lender will often just take that offer and punch the ticket even though patience would have yielded 10% more.
[quote=Doooh]
Tell me this, isn’t the most prudent thing to do, in this housing environmental we find ourselves in, is to find my own underwater seller who hasn’t listed his delinquent mortgage/home, and convince him to sell to me?[/quote]
Yes. I just did this with a condo – a girl I know sold it to me in a short sale. It never hit the MLS. For reasons I won’t go into, I knew the appraisal was going to be way off as a result of appraiser laziness, so I just hit the BPO with an all-cash offer and the lender accepted it almost immediately.
