Ridiculous counters from BofA

Happy New Year everyone, make a great one!

I've had two issues lately with BofA short sales.

1.  Seller is not delinquent, traditional short sale.  Had a prior approval but buyer walked.  This buyer was countered at $155,000 from $145,000 which was the prior approved amount.  He accepted the counter as it was still a fair price.  Waiting for the approval, the investor came back and said that they want $260,000 NET!  The BofA rep was embarrassed to tell me this. It is shut down needless to say.  Anyone know what's going on?  Is it because he's not delinquent?  I suspect so.

2. Coop short sale, seller is delinquent with NOD but T/S "on hold".  They told me to list at $239,000.  I have a low offer in and buyer is will to go up but counter came back at $260,000 with $254,000 NET!  You can't get to $254,000 with a $260,000 offer but what's going on?  They gave me the list price!

Any suggestions?  Thanks....

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Permalink Reply by Bryant Tutas on January 2, 2013 at 5:30am

The counters are coming from the investor. Fannie and Freddie are both being very unrealistic. This is a recent issue since they both initiated their streamline short sale on 11-2-2012

Check it out:

http://shortsalesuperstars.com/profiles/blogs/dear-fannie-mae

Permalink Reply by Tara Samney on January 2, 2013 at 1:40pm

Ellen, I feel your pain.  It's been hardest with Bank of America serviced loans for me....Freddie Mac.  Same deal as #1. It's getting worse...

Permalink Reply by Gevon Polgar on January 6, 2013 at 5:42am
Hi Ellen, just happened to me as well...$540 HAFA approved short sale, I submitted a $561 offer, BofA countered at $575 and slapped a trustee sale as leverage giving us 12 days to close. Needless to say, I gave them $575 immediately and we are heading to foreclosure as they still haven't postponed/cancelled the trustee sale. I sense foul play here. I will be arguing till I'm blue in the face tomorrow morning!
Permalink Reply by Tony Morales on January 6, 2013 at 6:58am

Gevon you're in Calif  have you advised them of the new California law  SB900?

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