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!!
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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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