BOA told us to reduce the price on a Co-Op Short Sale property to get an offer on it,we did and now that we have received a full price offer, they are looking for almost 30K more. They completed another BPO when we requested a value dispute and it came back even higher!!! This is a joke, if it took 6 months to receive an offer at 132K why would someone offer 170K when there are 3 REO properties on the same street for 120K or less????
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I have a co-op where BofA priced it at $69,400, we got an offer for that amount but the buyer walked. We got another full price offer but before we were able to submit it they told me to drop the price about 15k when the house was already priced under market.
Sometimes the Lender just doesn't want to let the note go..we do not know the interior workings of our Magnificent Banksters. I generally get good list prices for my COOPS, but I have heard of this and have had it in standard Short Sales. You just have to keep fighting and worst case..re-list at the higher number and start reducing. Sometimes, they simply do not want to let that property go yet..timing is everything.
I explain this to people who want to try coop. There are "possible" advantages (i.e. you "may" get cash back IF the program or investor doesn't change its mind), and there are disadvantages - they control the price, (who knows the market better?), can you "wait" for changes that occur in the coop program and restart during a transaction, will your buyer stay, etc?
I've been getting some favorable pricing on my Cooperative Sales.:)
Sounds like they dropped the ball on this one. Maybe the investor changed during the process?
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