For those of you experienced with GMAC negotiations..... how does one get them to lower their 'minimum offer' expectations? We have a $242K all cash offer (no closing cost concessions) on a home here in SoCal. There is an $85K 2nd w/Green Tree that GMAC has offered $8500 to dismiss. We have done 3 1/2 months of marketing with 4 open house days and received mulitiple offers in the $230K - $242K range.
CMA says $230K - $235K. GMAC is saying the REO sales report they've generated indicates higher value and they'll consider no offer less than $255K; which we and others think is too high. GMAC has done 2 BPO's since we've put the house on market. We have asked for new BPO but they say "No" because current BPO is only 1 1/2 months old.... must wait 4 months.
Got them to change negotiators but he just refers back to predecessor's eval and shuts the door too. Been thinking they want this house back for some reason.... anyone know how to get behind the negotiator to a level that might consider our case?
Do the buyers have an appraisal you can submit? GMAC just took my buyers appraisal and used it as the value.
Thanks for the suggestion... but won't the bank look at an appraisal that supports the buyer's offer and consider the document to have been generated 'subjectively'? Just wondering if your buyer chose the individual and paid for the appraiser?
Nope. Buyer's lender chose the appraiser. Appraisers ARE supposed to act subjectively.