Ss Proposal Needed?
i just want feedback on the importance of an actual formal or semi-formal proposal on an offer. i submitted the package to fairbanks without one. i did write a letter explaining the contents (or lack thereof) of some of the components for reasons beyond my control. they were all things i cleared with them over the phone (listing agreement, mls history, proof of funds for buyer).
i was under the impression that i should submit everything, then wait to see if they [accept or] counter before i should start to talk down the value of the home and thier ability to recoup all the funds in the sheriff's sale. i didn't want to hit them right away with this, because i'm trying to feel them out for when i think it's a good time to bring this stuff up.
am i being naive, uneducated enough on the process or am i still ok for now? any help of course is always appreciated - otherwise i wait impatiently to hear from them. 
Hi jackman,
Sure, send them a complete SS package. In your Contract to the homeowner, base the offer amount at roughly 70% of what you feel you can get the BPO to come in at. They may take your offer, or they may counter, but you will both be in the same ballpark. You could give the an incredibly low offer (just because), but I have learned that if you make your offer to them real tasty, and maybe sprinkle a little suger on it . . . . they just might take it!
This will be a good experience for you, no matter how this one turns out. Keep us posted on your progress!
Best of success!
BAMZ
thanks BAMZ, i do always like your advice and postings on the site.
yeah my bid was for about 62% of the last county tax assessment done on the property which was in 2000. so, it was assessed at 148k - property is probably worth more than that, but i'm hoping to point out the 20k in back taxes she owes and some interior and lawn work (all i can do myself) as big hurdles. hahaha.
i can have the bpo go no higher than 130k to meet my 70% LTV. so, we'll see what they say. i offered 98k. thanks again dude!
Could you tell me what BPO is please?
Thank You
bpo = broker price opinion
Hi davese,
A BPO is simply an appraisal completed by a Realtor! It gives the banks a good idea of the value of the property and It is more cost effective for the banks than to pay for an actual appraisal.
Best of Success!
BAMZ