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Old 11-23-2011, 02:44 PM
 
Location: Albuquerque
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I have an offer on my short sale but it's lower than the appraisal last summer. GMAC has agreed to do another appraisal which I believe will be about $5k lower than the offer. Let's say for the sake of agrument it is. Does the buyer then get the house for the appraisal price? They'll be told if it is lower won't they?
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Old 11-23-2011, 02:51 PM
 
Location: Austin
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The buyer's lender will require a real appraisal. GMAC isn't doing a "real" appraisal. They're doing a BPO. I don't think the buyer will know one way or another. The bank will counter or accept, and then the buyer goes and gets their own financing including their own appraisal for their loan.

If it's a cash buyer, I still don't see the bank handing over their BPO. They just accept or counter the offer/contract.
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Old 11-23-2011, 03:03 PM
 
Location: Albuquerque
1,709 posts, read 2,583,430 times
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They also want $4k back from GMAC for closing costs. Think that'll ever happen?
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Old 11-24-2011, 08:18 AM
 
Location: Austin
7,192 posts, read 17,793,130 times
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Quote:
Originally Posted by Rich Cabeza View Post
They also want $4k back from GMAC for closing costs. Think that'll ever happen?
I don't know the numbers so I can't tell you if it's likely. Many banks will allow closing costs, some won't. Many don't care as long as they hit the net number they want to hit.
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