BOA short sale-cash offer declined

I am the buyers agent...LP was $224,332...Cash offer: $190,000...2 days after makng offer buyers and I go by property- field services is drivng out - with copper pipes!! Water drippng in basement from pipes ripped out. LA comes back with: Change offer to $187,000-compensate $3000 for pipes. (Estimate included; police report filed with BOA) Appraiser from out of town (hour away) appraises the house at

$225,000 - LA and myself have included comps that reflect the property needs work (roof, bath, floors)and the exact same house completely (roof, bath,floors, kitchen) redone sold for $221,000 less than a month ago.Another sale nearby was $187,000. LA again sends in comps, police report, estimate to repair pipes;negotiator counters with $205,000- buyers say $193,000 BUT want $3000 back at closng for pipe repairs (as agreed).Negotiator tells LA he'll have to speak to manager but we never hear from him again. Now -Friday aftenoon LA says the filed is "denied" and closed. (Suprise!)

Buyers can close tomorrow but will not go higher than that since the house needs so much work-HELP!!

Advice??!!

1 member likes this

▶ Reply to This

Replies to This Discussion

Permalink Reply by Wendy Rulnick on December 4, 2011 at 9:41am

Peggy - Resubmit the offer.

▶ Reply

Permalink Reply by Nathan Miller on December 4, 2011 at 10:07am

Advice... Don't bring your buyers through Bank Of America short sales.

▶ Reply

Permalink Reply by Clyde Rasmussen on December 4, 2011 at 10:30am

Submit a new offer that refects the damage. Unlikely you will get the same BOA negotiator again. Listing agent needs to be proactive instead of waiting to hear from BOA.

▶ Reply

Permalink Reply by John Treadwell on December 4, 2011 at 10:34am

Re-summit

▶ Reply

Permalink Reply by Don Duft on December 4, 2011 at 12:18pm

I would immediately escalate it to their escalation department. A contact I received from a HAMP escalation action is Behrea, Madhu S. 912.239.6511 (9:30 AM to 12 AM ET).

▶ Reply

Permalink Reply by Randy G. Thompson on December 4, 2011 at 1:17pm

Absolutely resubmit! You will never get the same negotiator. Also, in friendly way, try to educate the LA.

▶ Reply

Permalink Reply by Peggy Gabour on December 7, 2011 at 3:29pm

Thank you Don, but it HAMP doesn't advise on Short Sales..

▶ Reply

Permalink Reply by ALLAN ARTHUR on December 4, 2011 at 4:13pm

Makes no rhyme or reason...what the banks are thinking except that they have been bailed out, and their decisions are arbitrary and it is just too bad for us who are trying to make a living. The Facts do not matter only they do!

Here is a B of A story that goes the opposite direction…

We had an all Cash offer on a property that is a SS at $330K no appraisal, to close upon acceptance of the SS by the bank. (Keep in mind that this property is a custom built home less than 10 yrs old) a bargain at $330K. B of A came back at under $200K. What is up with that? Property closed at the B of A price!

▶ Reply

Permalink Reply by Jayne Sanders on December 5, 2011 at 12:55am

As a Buyer's Agent you can not interact with the bank. Give the listing agent the following info...it will get things moving

Crystal marie Dingman
VP; MTG SERVICING UNIT MGR I
SIMI – ESCALATIONS

Email: crystal.dingman@bankofamerica.com

Laura L. Marquez
AVP; MTG SERVICING TEAM MGR II
SIMI – ESCALATIONS

Phone: 1.213.345.7726

Email: laura.marquez@bankofamerica.com

Good Luck...Lets us know how it turns out

▶ Reply

Permalink Reply by Tamara Dorris on December 5, 2011 at 1:39pm

Thanks for the great contacts Jayne...going in my roledex too!

▶ Reply

Permalink Reply by Cate Norton on December 5, 2011 at 7:12am

Is this loan owned by Fannie or Freddie?

▶ Reply

Permalink Reply by Brian Avery on December 5, 2011 at 3:34pm

I would probably re-submit as well. With the all cash offer I think I would just offer the 190k vs 193k with $3000 back. Then I would submit a letter with the offer that demonstrates that only an all cash offer could be accepted because the damage would eliminate any type of traditional or conventional financing. In general with all cash offer with any bank I have never seen a seller credit.

my two cents