Replies to This Discussion

Permalink Reply by Shelly Long on November 13, 2009 at 1:23pm

Hi Rita,

Check this site and see if you can find a value for your listing. It's supposedly a site that BofA uses to 'value' their properties.

http://bankofamerica.cyberhomes.com/

Also, this may not help now since it's after the fact, but I always meet the BPO agent with comps (and repair estimates, if appropriate) in hand to support my offer. Just a thought~

Good luck!
Shelly

Permalink Reply by Rita Burke on November 13, 2009 at 3:24pm

I checked it out even their high range was lower than the BPO. Estimate was $760k and that would be with nothing wrong. Sigh.
We had a great conversation with the BPO agent - thought everything was peachy :)

Shelly Long said:

Hi Rita,
Check this site and see if you can find a value for your listing. It's supposedly a site that BofA uses to 'value' their properties. http://bankofamerica.cyberhomes.com/

Also, this may not help now since it's after the fact, but I always meet the BPO agent with comps (and repair estimates, if appropriate) in hand to support my offer. Just a thought~

Good luck!
Shelly

Permalink Reply by Bryant Tutas on November 14, 2009 at 1:34am

I agree with Kenny. Just let them close the file and then resubmit it. I too have done this several times with great results. If the buyer won't wait just place it back on the market at the higher price and reduce until you get it under contract again.

Since the auction date is looming you need to work on getting that extended. They do NOT want to foreclose on the property. Keep going up the food chain until they postpone the auction.

I have deal with BofA right now that we are on our FIFTH submission. Just be diligent and keep moving forward.

Good luck

Permalink Reply by Rita Burke on November 14, 2009 at 8:39am

This was the second time around.

Kenny Wagner said:

Hi Rita,

If this is your first go 'round into Phase 2 then you need to just resubmit.

I've been told my more than one negotiator that I've developed ties with that they'll increase their BPO by 5% and then counter or just close the file stating what they "need" regardless of the offer amount. They want to see if you'll come up after the first decline & even second decline.

Resubmit the same offer with the same comps if you had them to begin with and if you have new ones add those. I've been successful going resubmitting 3+x and then escalating to management after the fact.

The listing history, your comps, the notes in the short sale file about your submissions and your comps will help once you escalate. You should be able to get a value review after your second submission.

Don't give up!

I hope this helps.
And of course, good luck!
Kenny

Permalink Reply by David Dee on December 4, 2009 at 9:47pm

Rita, sounds like they are more inflexible than the REOs.

Permalink Reply by Karla Leahy on December 5, 2009 at 10:54am

This looks like a great site except the screen turns black when I try to submit an address. Any suggestions? Thank you!

Shelly Long said:

Hi Rita,

Check this site and see if you can find a value for your listing. It's supposedly a site that BofA uses to 'value' their properties.

http://bankofamerica.cyberhomes.com/

Also, this may not help now since it's after the fact, but I always meet the BPO agent with comps (and repair estimates, if appropriate) in hand to support my offer. Just a thought~

Good luck!
Shelly