Heres the history:
Listed house at 129,000 in October, 2010.
Reduced by 10,000 every 10 days until priced at 69,000
Received an offer of 50,000.
House has some serious deficiencies, so 50k is about in line w/value. (slightly low)
EMC counters at 59k, buyer declines.
Get new offer - just slightly under their previous counter.
It looks like everything is going smoothly until EMC wants one last BPO.
BPO Agent prices it at 105,000. WHAT?!?@#$@#$!??
Are they crazy??????
The BPO agent (are you ready for this?) has a similar listing just a hair over a mile away in the same school district, same city - sold for 54,000. *Same month she did my BPO and that agent's listing is larger than mine.
Of course, EMC now says the value is over 100,000 and they will not consider this offer now.
I have called begging and pleading for permission to submit a seller paid appraisal. They said no. The only thing we can do is to relist at their value (105) and try to get a new offer that will fall into their revised guidelines.
Please realize it is now June. I have been working this one since October.
I am so frustrated with this file I could just scream. Or cry.
What I will do, of course, is pull up my big girl panties and fight this all the way to the end.
I will sell this house. Again. I will get this through and I will smile while doing it, but would love to hear any sort of advice about dealing with this lender.
I'm so sorry. That has happened to me on more than one occassion. I actually JUST CLOSED a BOA file that we had to relist HIGHER. We then got a LOWER offer than the first one we originally submitted.
It makes no sense.