Forum

Ridiculous counters from BofA

Posted by Ellen Kirwan on January 1, 2013 at 3:04pm in Short Sale Discussions

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....

You need to be a member of Short Sale Superstars to add comments!

Join Short Sale Superstars

Email me when people reply –
Follow

Replies

  • Gevon Polgar 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!
    • Tony Morales > Gevon Polgar January 6, 2013 at 6:58am

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

  • Tara Samney 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...

  • Bryant Tutas 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

This reply was deleted.
********************************** like buttons ************************