I had 26 offers on a condo I listed at $70,000, with the highest being $82,000. I submitted all necessary short sale paperwork, as well as comps showing similar condos in the community go in the low 80s and that no condo within a mile has sold over $90k, and BoA came back with a counter of $112,500! After the buyer countered, BoA came down to $105,000, but iot's still 20 percenrt above comps. The negotiator claims it's the investor's doing, but I've lost that buyer and am now starting over again. I had sent an e-mail to BoA executive review, but never got a reply. Anyone have any connections that can help me and my clients get BoA to take a reasonable price? I am already getting offers for the relisted condo, but they're still in the 80s, which is exactly where they should be.
Realtor, HomeSmart Real Estate, Phoenix, AZ
Something similar happened to the BOA short sale I'm currently working. It's a co-op short sale, they told me their bottom line was $88k, gave them an offer that netted them $89k with a full price offer of $99,900 and 3% seller assist ($2997)/ They countered at $110k, $2997 seller assist and slashed some of the title company's fees that are normally allowed (deed prep for 1). Gave them all sort of comps for 2 BR homes in the area and escalated, but she wouldn't budge. Lost 2 other buyers because they put it in their auction company and the day of the bidding (had 4 lined up to bid) and they pulled it - no explanations until a week later when they said their guidelines changed and it's no longer eligible for the auction process. Very frustrating!
Are you new to short sales? Or just venting? I know it can be frustrating, but this is the fun times you signed on for. :)
Did you really go from negotiator straight to executive review?
Steve... no, I'm not new to short sales... not by a longshot. Maybe I've just been very successful dealing with BoA, but in the past they have always been willing to look at comps. I went from negotiator to team lead to executive review, but have executive level contacts with a few lenders and I was hpoing someone might know someone at BoA who could review this file.
Remember this - They are called "negotiators" for a reason!!!!
Also, check to see if their is mortgage insurance.....that could be playing into the numbers.
Also - find out who did the BPO/appraisal and see if he/she currently has any REO listings (hint hint, if they do, there is a VERY strong chance they intentionally came in high on their valuation)
Try waiting the bank out with this line (one of my favorites):
Since the BPO came in unreasonably high, how long exactly can my Seller LIVE IN THE HOME FOR FREE while we wait for the BPO to expire?"
They LOVE that one!!!!
Here to help.......BBenita@Comcast.net
What type of short sale is it? HAFA, traditional, FHA, VA, etc.?