Replies to This Discussion

Permalink Reply by Sara Mehrpouyan Los Angeles CDPE on October 18, 2010 at 10:04pm

Gregg, are both your short sales with the same negotiator? Have you tried escalating at all? Good luck.

Permalink Reply by Gregg Tepper on October 18, 2010 at 10:15pm

Sara,

They are 2 separate negotiators. I have not found GMAC to be good escalators. One of the negotiators suggested that I upload my own comps and photos which I am going to do. I sent in a recent appraisal that validates the contract price on the other. We'll see what happens. Thanks for your feedback.


Gregg

Permalink Reply by Sonda Hilario on November 10, 2011 at 4:11pm

Gregg,

Were you able to get anywhere with the appraisal and comps? We have the same situation on a file that is scheduled to go to sale on Monday.  GMAC happens to be using REDC the auction company on our file to negotiate on their behalf, very frustrating. Like everyone else, we sent in an offer then were told they needed to net X amount to get the deal done. The Buyer raises their offer by $20,000, we input into Equator just to be countered with a price $40,000 higher than the $20,000 increased offer.  The Seller called and was told by the Negotiator that she screwed up on the valuations and was sorry about that but if we could get an offer around $18,000 higher than the Buyer's increased offer and $22,000 below their $40,000 we have a deal, of course all of this is verbal as she will not put that in writing.  When we initially disputed the BPO we provided comps, statistical information as to why the Phoenix area is experiencing significant declines in values and the file remained in the Evaluations Dept for a month before they came back with this ridiculous price.  Now we are trying to get the next "magic" number to see if we can get the home postponed before Monday! Are they just waisting all of our time?

I would really like to know how yours works out.

Permalink Reply by Steve Becker on August 12, 2011 at 5:00pm

My situation with GMAC is similar but a bit different.  We have been trying to buy a property in Sarasota, FL which is a short sale and been on the market for over a year.  Our understanding is the seller has not made a payment in over a year and the that foreclosure is on the near horizon.  The property is severely distressed and continues to deteriorate.  Our initial offer was submitted via the automated submission application and was met with "the offer must be significantly increased" ... and by the next day.  Our next offer was raised substantially, same thing.  Our latest offer (raised again) was met with an oral reply (through the seller's realtor) that the bank would not accept anything less than X ($3k more than our offer).  We then revised our bid to X and GMAC simply sent an email to the seller's realtor that the offer was rejected.  Why they dont counter offer I dont know.  We then heard via the seller's realtor that the seller got a call saying not to accept anything less than X +$20k.  Like other posts, we get the impression that GMAC is just going to continue stringing us along, raising the price every time.  We think they would even start raising the listing price.  Given this requirement to use this automated bid system and only through the sellers agent, how can we get to the negotiator so we can actually conduct a negotiation.  We are not unrealistic or way off base with our bid.  We just want some transparency.  Are there any phone numbers we can call or any other recommendations to get a better understanding or move this procees forward.