My husband and I are in the very early process of attempting to buy a short sale with BOA. I've heard from many people that BOA has publicly said they are going to push short sales through much faster, but after reading some of the current discussions on this board, that doesn't seem to be the case, which is unfortunate since both the seller as well as my husband and I are ready to move.
My question is this: The house we fell in love with is out of our comfortable price range listed at 219000, so we submitted an offer of 191000 which the listing wouldn't even submit to BOA saying that he knew they wouldn't accept it because it took him four months just to convince them to lower the asking price to 219000 from 249000. So we made another offer of 207000, which was submitted. Our agent made sure to tell the listing agent that this was our final offer and there would be no more negotiating on our end. Listing agent said he thought he could push BOA to get a response within two weeks. It's been a few days short of a week so far and I have been optimistic hoping they would accept, but again, from reading some of the messages here it seems as though they almost always come back with a counter offer. Has anyone had an offer that BOA accepted outright? We currently own a house that we don't need to sell to move, but the neighborhood is going downhill fast and we are very, very anxious to get out. I wish everyday that we had not fallen in love with a short sale, but that's just the way it worked out. At the end of the day, if they counter us, we will have lost all the time and will have to start over with house hunting.
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Jennifer,
You are in a tough situation. When there is emotion at play here, you'll almost always get sucked up in the process and the stress can permeate relationships. I may be wrong but it seems that most members on this site are RE agents and many make it their business to list pending short sales or REOs. They have a duty to the seller to get the best possible situation in the sale of the house. If you have signed with an agent to represent you, make sure the agent has good short sale/REO experience. They can now create an accurate Comparable Market Analysis (CMA) with "like and kind" comps. In other words they look for comparable property in comparable condition and with comparable challenges such as vacant, pre-foreclosure, repairs needed, etc.
It is a little more work for the agent, but worth it for you. The agents I employ in this area do that, The "guessing game" needs to be reduced so you can make a proper financial decision. If you and your husband are comfortable with a price range, you need to be aware that the short sale or REO listing may almost always have a price related either to the value of the liens or retail values for "move in" property. Proper research should give you an idea. Your agent should assist you in this area.
Lastly, if you are interested in a property, insist that you put money down with your contract. Most listing agents, in short sales, consistently and falsely believe they work for the lender and not the seller. For the agents out there, money down with a valid contract requires the lender(s) to examine that offer only and go through the qualifying process when the seller accepts the contract via signature. If the buyer's agent has done the homework to support your offer, works with the listing agent to start the short sale process, you now have to wait for the results. Your experienced agent can explain the process and the likelyhood of success. Be prepared to move on, if your parameters are not met. I don't know what state you are in, but, I use this process to buy my homes on the east coast. Good luck!
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