BOA just countered us after finding out we were not approved for HAFA program. which took about 60 days to find out. Within one day of finding out we were denied (it went straight to the traditional short sale dept)the NEXT day BOA COUNTERED the buyer's offer. We are the sellers. BOA countered at 260k and today the buyer countered at 235k .My atty. sent it back to the negotiators.
How long will it take for BOA to counter again? or HOPEFULLY accept the offer? IF, for instance, they accept the buyers offer, how long do they give you for a closing? 30 days?from that date?Do they allow extensions if buyer can't get financing in order in time? supposedly he is set...
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Thanks for responding Joe.Counters can take less than a day (fairly unusual) to a week to maybe 2 weeks at BOA, from what I've seen.
BOA has a funny thinking pattern - they HAVE to be in charge, so they HAVE to make YOU AGREE to THEIR counter offer, they just can't accept your counter. I find that hilarious because it weakens their real position - it means as an agent, I can give them anything I want for a counter and never have to be serious about it because they are incapable of accepting it. I've learned things about the file this way. In your case, it means that no matter what, you will get a counter. If they like your offer, it could be exactly what you sent them. In any case, they aren't "done" until you hit AGREE - so, really, you (the listing agent) has the power to decide what the deal is, because BOA cannot possibly accept an offer without countering it first.
The approval date is generally what you have on the HUD-1 as the closing date. Frequently, as these go on and on, that date gets to be in the past -- and, yes, these brain dead morons have issued approvals to me with a deadline in the past. They will NOT give you extensions automatically and if there is a sheriff sale nearby, you really need to watch out these days. Generally an extension with no sheriff sale in sight is not so hard, however, it would be a lot better to bypass that by having a decent date out there on your HUD-1 - and closing sooner if/when you can.
joe beauchamp said:Thanks for responding Joe.Counters can take less than a day (fairly unusual) to a week to maybe 2 weeks at BOA, from what I've seen.
BOA has a funny thinking pattern - they HAVE to be in charge, so they HAVE to make YOU AGREE to THEIR counter offer, they just can't accept your counter. I find that hilarious because it weakens their real position - it means as an agent, I can give them anything I want for a counter and never have to be serious about it because they are incapable of accepting it. I've learned things about the file this way. In your case, it means that no matter what, you will get a counter. If they like your offer, it could be exactly what you sent them. In any case, they aren't "done" until you hit AGREE - so, really, you (the listing agent) has the power to decide what the deal is, because BOA cannot possibly accept an offer without countering it first.
The approval date is generally what you have on the HUD-1 as the closing date. Frequently, as these go on and on, that date gets to be in the past -- and, yes, these brain dead morons have issued approvals to me with a deadline in the past. They will NOT give you extensions automatically and if there is a sheriff sale nearby, you really need to watch out these days. Generally an extension with no sheriff sale in sight is not so hard, however, it would be a lot better to bypass that by having a decent date out there on your HUD-1 - and closing sooner if/when you can.
Update: BOA counters yet again (just like you said!) 250k and seller *that would be us* come up with 10k!
Eh, no. Don't think so. So now we are waiting for buyer to come back wih another counter. I don't know if he can go any higher at this point. This is so stressful! The avg. for this area is 250k if that. We have no other offers.
So stay tuned. BUyer can walk by 12/10. if he so chooses with the contract. Thanks again for your help!
If you have not already countered, I would say move some things around - different expenses in different fields. If you have already cut everything that you can, then this is not as likely to be useful, if you have not, then making changes coupled with a plus to the negotiator will likely make him counter again. If the net doesn't change and you are just giving a "this is it", then if he has a legit position, he is more likely to deny with insufficient offer. If instead you get another offer and you've done just minor changes, you can see how strong the negotiator is on sticking with his numbers -- you can get a feel for what the net needed is.
A couple of things at work: many negotiators play games to squeeze more $$. If he is doing that, he'll hang in for quite some time repeating offers while you keep saying NO MORE. If he is a decent negotiator, you should talk with him and ask what he needs for the investor. Most good negotiators will tell you to the penny.
Also, if you have tapped out, to move this along, use a phrase like "buyer has maxed out his approval - cannot pay more" and, "Please send this directly to the investor." Those demand attention (from the non-brain-dead negotiators).
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