Another BoA counter offer!! Not April Fools!
I finally received news from BoA today, after making an offer on a house back in August. The house was listed at $430K we offered $350K and the bank countered at $385K. In the past 7 months since we made the offer, the landscaping has died, birds have poked holes in the patio and are nesting in the attic, there is a leak in the roof that has affected one of the rooms (paint peeling etc). It's hard to comp this house out because it's a custom and it's the nicest in the area. The closest comp just sold in Feb. It was 700 square feet smaller, but it had all appliances and was a nice custom home. Going by price per square foot using that comp my house comps out at $315K.
Has anyone had any luck with countering a counter offer? Is it going to take another 7 months to get a response? What happens if we accept this counter offer and the appraisal comes back at less?
Thanks for your responses!!
Replies to This Discussion
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Permalink Reply by Katerina Gasset on
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That depends on who is actually doing the counter to you, is it actually BOA with full delegation authority acting within their powers in their PSA agreement or is it the note owner making the counter? If it is the note owner than it depends on who that is. If it is Freddie, then you are looking at additional days to get a response, if it is a private investor, at least 10 days. They are super slow in response times. If it is BOA than you can get a response within 24 hours.
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Permalink Reply by Keli Amparan on
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How do I tell who the counter is from?
Katerina Gasset said:That depends on who is actually doing the counter to you, is it actually BOA with full delegation authority acting within their powers in their PSA agreement or is it the note owner making the counter? If it is the note owner than it depends on who that is. If it is Freddie, then you are looking at additional days to get a response, if it is a private investor, at least 10 days. They are super slow in response times. If it is BOA than you can get a response within 24 hours. -
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Permalink Reply by Anna on
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BOA countered our offer of $57,000 on a 2br/2ba condo with $67,000, the price that several 3br units closed at in the community within past 90 days. There are NO sales to support the counter. I uploaded comps in Library section of equator, sent 7 messages to my negotiator through equator with period of 2 days between each message, e-mailed outside of equator requsting revised BPO, no response. Last message sent through equator copied team lead and VP. Received another counter stating that if not accepted sale will be declined. Counter was at $67,000 and expiration date in 3 days..
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Thanks everyone for your replies!! We ended up countering BoA's counter. My realtor provided a new CMA and I provided some pictures I had taken when we first placed our offer and how the house looks now, including pictures of holes in the patio cover which the birds have pecked out and are using for nesting. Hopefully we'll get an answer soon, I'm so ready to have this whole ordeal over with.
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