The subject property listed @ $200K, no showings or offers. My buyer likes the property and made $150K offer. BPO agent values it at $198,000, B of A rejects my offer. Only $177K owed! B of A negotiatior says submit my own bpo, comps less than 3 months old. I did, used comps that justify $150K. B of A negotiator says received, still rejected. Both mortgagors have passed away. My buyer REALLY wants this property. If anyone can offer me advice on how to possibly make this sale, I would sure appreciate it! Thank you for your time.
You said "I did, used comps that justify $150K" Did you actively search by price or did you disregard price and search by elements; i.e. GLA, beds / baths / lot size, features, within one-half mile, and similar subdivision, etc.? Provide a CMA of ALL Active, and Pending listings and ALL solds for the past 3 months with similar elements. Is the value really $150K or is that the bagain price? The lender doesn't have to let it go at fire sale prices. If the BPO is $198K then there is no short sale needed and it sounds like that's where the negotiator is going with this one.
Try again and maybe your buyer needs to come up in price towards FMV.
Thank you for your response Thom! I've been doing bpos since 1995 so I start with your criteria with one exception. I'm a 4th generation real estate broker here in Victor, so I fully realize our problem. We are very rural. Certified appraisers often go out 20 miles for similar comps. The last B of A short sale I closed on 12/28/20111 had a GMAC 1st and a B of A 2nd. I drew a knowledgeable, experienced bpo agent who came in right on the money and the listing agent and I closed the sale in 3 months, which I consider good for me. I took another short sale accredited NAR short sale course last week and I'm signing up with them for my short sale processor. I've been in the real estate business here for 38 years, and smart enough to know I am not good at negotiating short sales. This particular sale bpo will be 6 months old April 2. The buyer still wants the property, so I'll give it another try then. Thank you again for your obviously experienced response! Best Regards!
Rural properties are tough that's for sure and I've gone 20 - 30 miles out when necessary. Apologies for me not realizing it was rural.
Have you tried Tweeting @BofA_Help for assistance ? They are terrific and fast to respond
Best of success !!
Best of luck
Thank you Thom for the suggestion of Tweeting@BofA_Help! As you have probably guessed I'm not the sharpest tool in the computer toolbox but I am certainly willing to learn. This weekend I'm going to get our oldest daughter to give me Tweet 101. Your suggestion is the best anyone has given me to try and work this sale to closing and I appreciate it! Thank you again, and I wish you the best of luck in all your endeavors!
I had to get someone to show me how to Tweet and teh only tweetign I've ever done has been to BofA -
Much success in 2012....