Home's been for sale 18 months (started at $699K, currently at $550K)), current offer started at $517K, went up to $535K, B/A niggled about little costs, then countered at $630K-20% over market. They are not wanting to postpone foreclosure (set for 10/17) til 1 day before. Anyone else experiencing this "Forced Foreclosure" Scenario and have advice? Thanks in advance email@example.com 408-252-8900.
Taking a different approach to BofA, seems to work. Are you tired like I am of fighting with loss mitigators that don't care what logic you bring to the table or what you do to escalate. I am now negotiating with a new side of the equation and getting much better results...negotiating to buy the notenot the property. Takes just as long sometimes shorter AND you are not dealing with knuckleheads. . Best, Dana
For all it's worth, here's my experience recently with BOA. I closed two with BOA last month. One seller owed about 1 million, I listed at $600 K .The BPO (an agent) was over the asking price similar to what's selling and on the market. When the real appraiser came that's when I talked with him nicely and got him to talk with the owner(wife) who told him of some plumbing problem. I promised the appraiser I would fax him estimate of repairs from a contractor. I talked with the contractor. I faxed the estimate before he could give his analysis and result of his appraisal. It worked. The offer of $525 K updated to $570K with no other fees except the 6% commission(I have both sides) and the second lien of $3,000 payoff. It took 3 months from the day I listed to the day we closed.
The other was $550K . I listed at $390K. The negotiator accepted $350 K. I sent bad pictures-meaning anything, any place that need repairs. Give all kinds of explanation. There were 4 appraisers who I happen to know! I gave each the numbers given to me by the other appraisers! The best negotiator from heaven! never asked, never tortured me. It was not HAFA but she gave $3,000 to my seller at closing and $3,000 toward sewer connection to the city. We closed with 3.5% for me and 2.5% to the selling agent-all in the HUD.
I am presently doing another 2 transactions with BOA. I uploaded an offer with one and the equator rejected the price in less than 2 minutes-I want to see that robot to complain!
OP-You did not answer the post regarding whether or not you did all you could to influence the bpo with comps to justify your offer. Did you meet the bpo agent and sell your deal to them? If the answer is no, then this "high" bpo is your fault, not BOA's.
At this stage of the game you have two options: have a private appraisal done, or wait until BOA's bpo expires (90 days)
Joe B- are you saying that you go around BOA to the investor? That is a tall tale if I ever heard one.
Dana-Are you saying you can buy individual notes from BOA (or any other large bank?) prove it. It doesn't happen. Sorry.
Thank you for the suggestions. Yes, I had the first BPO agent do an updated analysis and submitted it, but no response so far. I have also submitted the reasons for the value (functionally obsolete floor plan that is expensive to correct, it's a 3 Br / 1 Ba with detached garage).
the people in loss mit. are called "negotiators" for a reason, they get PAID to get as much cash as possible....what is likely happening here:
1 - there may be mortgage insurance....fidn this out and find out what the coverage ratios are.
2 - The negotiator may be doing his job and again, "negotiating" with you.
3 - the BPO agent may be HOPING to get a listing, this happens, rule #1 in short sales, ALWAYS meet teh BPO agent at the property with the correct inforamtion to hand them
4 - Find out who the Ivnestor is on the ntoe and contact THEM directly, circumventing the Servicer altogether...it works like a CHARM.
That is funny; what do you expect; I have one (350k) that twice BOA has countered at 350k offers that were less; finally I got them the 350k and they countered at 425k and are sticking to it. House won't appraise for more than $360k ( I have had 2 buyers appraise it); now it is under review again. They are comping it with new construction sold with a 10 year warranty and custom finishes. They are not that stupid.
It is quite obvious that BOA is better off not selling the property (Countrywide loan) and want to foreclose and get their "investor" 320k or less.
I just had a similar thing happen to me. I submitted an offer of $210k through equator and BOA countered at $215k since that's the value that the appraisal came in at (which was ordered through BOA) . The buyer agreed to the counter offer and 2 minutes later I received an email stating that they needed $41k more. They said that when they ran the numbers, they were still $41k negative and that it didn't meet the investors requirements. I asked him, "how can I sell the house for $41k over the appraised value?" The negotiator said it was better for the house to get foreclosed on. I still don't understand why they would rather foreclose on the house and lose more money. The value is still going to be $215k plus all the fees involved in the foreclosure. I'm not sure what I can do to save this deal???
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