Replies to This Discussion

Permalink Reply by Robert A. Carrino on August 30, 2011 at 3:10pm

Counter boa at 221k and you and other agent split it. Boa will always counter give them what they want : ))

Permalink Reply by joe beauchamp on August 30, 2011 at 6:44pm

I hope you didn't just get a counter of $227K and tell the buyers to pony up or take a hike.  BOA numbers have been high for at least 6 months, from what I've seen; and their negotiators have been schooled to grab as much as possible.  The negotiator is a cog.  The buyer walks? Fine, he's done - the file is off of his desk - what he is paid to do.  There is no ramification to him screwing up the deal - there is no tie back to the $$ lost at REO - nothing.

It seems that if you have a real buyer, there would be some dialog.  They didn't like the house enough to even think about a counter?  It isn't worth $0.10 more than their offer?  I'm guessing that there is misunderstanding or miscommunication here.

If your buyer is set at $220K - that's it, I would counter BOA with the $220K, state on the counter "final offer" also "send to investor" and "buyer cannot qualify for more".  Either the negotiator will deal with it or more likely counter.  Of course you need to let the buyer know about the counter and discuss your action - which would be to put in the same counter with the same phrases - yes, sometimes you actually need to hammer to the negotiator to take it or leave it.

If the negotiator came back with a counter, when you send it in again, send a message (I assume via Equator) to the team lead, manager and negotiator using those key phrases above and add content.  The buyer just has no more credit or cash, etc.  This puts more pressure on the negotiator to send this to the investor - which they are supposed to do if the offer is marginal.  Lately, I've had negotiators at BOA absolutely refuse to send the offer to the investor (one was 94% of the BPO - to FNMA) AND 2 of them have actually refused to call to discuss the files.  So, there is something bad going on at BOA.  OK, worse than the normal bad going on there.. ;-)

 

If your buyer is gone, try HAFA. If the homeowner cannot do HAFA, try the BOA co-op program.  BOA will go through the same steps, get their investor number and tell you to list the property at that number.  After 3 wks of no offer, you can ask them to lower the number, etc.  Until you get the listing $ from BOA, list it at a reasonable price - this may snag an offer - but do not give BOA the offer until they have given you the listing number, unless you want to pull it out of the program and try the short sale again.  They have this thing about getting an offer before they've given you a number.  Must be part of the BOA game, eh?

Permalink Reply by Caroline Simmons on August 31, 2011 at 10:13am

Gwen, I would put it back at $227k, but continue to negotiate the price with BofA. Send them the crime stats for the area also. Lots of thefts & burglaries by the marketplace area -- try spotcrime.com. Explain to them how many showings you have had that didn't result in an offer. DOM for the comparable homes (& your listing), show them the price reductions on those comps as well as the average percentage of sales price vs. list price. I recently did this with a ss with BofA and they backed up and I was able to get the buyer to sign a new purchase contract. Good Luck!!

Permalink Reply by Jeff Payne on August 31, 2011 at 10:29am

Counter it back at the original offer price. I think that BofA trains their people to ALWAYS counter offer even if the offer is good. 

Permalink Reply by Gwendolyn Harvey on September 2, 2011 at 6:13am

Thank each of you that took the time out to respond to my dilemma. I have placed the home back on the market for $225,000. Hopefully, I will get another offer.

Permalink Reply by Becky Martin on September 7, 2011 at 6:25am

In 4 BOA counter offers I have gone back with the original price and always been approved.   I think they are '"required to counter offer" but you don't have to accept!  There are certainly some investor guidelines that might require a higher offer but I have had good fortune so far with original offers being accepted....