The Bank finished their BPO (Broker's Price Opinion) this past weekend. Basically, the Bank sent a broker to the property to conduct a mock-appraisal in order to determine the fair-market value (and suck a few extra dollars out of potential buyers).
We got the results of the BPO today, along with a counter-offer from the Bank. Surprise, surprise, they want more money. This really did not come as a shock to me, considering the condition our house is in. (I knew as soon as I walked into the house that is was worth far more than the asking price.) Still, I am a bit disappointed that we are going to have to shell out more money if we want this house.
And we do.
So we will.
The good news is the Bank has now finished all of their paperwork, so once we get a new offer on paper and on their desk, it should be just a matter of days before we have our official approval, complete with our closing date. That is definitely exciting.
Sorry for more $$ but yay for getting an approval soon! Woohoo! Very exciting!
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