BOA's Negotiator's
I have a BOA short sale that's nearly done, however my loss mit negotiator says the banks negotiator is being tottally unreasonable.They had the BPO done, and fortunatly for us, sent a copy of the BPO to my negotiator. We immediatlly rewrote the contract to equal 88% of the appraised value and resubmitted the HUD.
The bank's negotiator says that BOA "wants to net" the 88%, which is impossible. The property appraisal is so low, that doing that would raise the contract price $10k over the appraised value. (BOA is responsible for paying any outstanding liens and closing costs + wants to give the seller $1000 for moving expenses).
I told my negotiator to tell BOA that if they want to do the HUD based on the appraised value, and see if they can make the numbers work, to go for it. They refused. I am at an impasse.
Replies to This Discussion
-
Permalink Reply by Jeff Payne on
-
Is this a VA loan? Sounds like some sort of a govt backed loan, if that is the case, the negotiator is not being unreasonable, just following guidelines. 88% as Brian said is most likely 88% NET of the appraised value.
-
Permalink Reply by Kristy Hamilton on
-
You might want to try to ask the negotiator what date would the net lower to 86%. I had a BOA file where the net changed from 88% to 86% based on a certain date. The buyer countered back with a sales price that would meet the net. Then, the negotiator told me that the net went back up to 88% due to the amount of time in contract with the same buyer. If I had a new buyer with the same offer and all, it would be 86% - totally frustrating! I contacted a regional BOA office and was then notified that they would put the file through their "variance department." The 86% is working for now. I am sure that another hurdle will come our way, but that one is over - I hope!
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons