Replies to This Discussion

Permalink Reply by Michael Davis on April 5, 2010 at 4:35am

after weeks of wrangling back and forth including an initial counter offer above FMV we recently had one where they accepted an offer at $495. We sent it back to them to correct the commssion amount and they cancelled the offer 10 minutes later. Haven't been able to get any response since and we're very good at escalating. Sold buyer another property. Way to go BOA and Equator!

Permalink Reply by Daniel Wolkoff on April 5, 2010 at 4:37am

Nice! Thats why when I see a good counter, I dont change anything and accept!

Michael Davis said:

after weeks of wrangling back and forth including an initial counter offer above FMV we recently had one where they accepted an offer at $495. We sent it back to them to correct the commssion amount and they cancelled the offer 10 minutes later. Haven't been able to get any response since and we're very good at escalating. Sold buyer another property. Way to go BOA and Equator!

Permalink Reply by Juan Reyes on April 5, 2010 at 4:53am

I listed a property at FMV of $225K, got an offer for $190K BOA countered at $228K, buyers countered at $215K, BOA accepted, got the approval letter 2 weeks later and closed 3 weeks ago. (BTW, seller originally paid $350K for this 1 bedroom condo.)

Permalink Reply by Terry L. Osburn on April 5, 2010 at 5:26am

It sounds like the investors are the ones playing the games.....I had a short sale a year or so ago, countrywide, that I had lost several buyers in the 9 months it took to get approved BUT the investor was so upset he changed our rounded off accepted offer to some odd dollars and cents and stated the purchase contract and HUD1 had to be based off that odd amount or he would not approve the short sale.

I cannot remember the exact figures but it was something like a $209000 offer and was countered to $210,332.23

What can I say?................................

Permalink Reply by Alan Remigio on April 5, 2010 at 5:33am

Daniel,

It's a time worn technique with servicers, Equator being the go between for BofA is poised to affect the agent in a very different way as it increases its presence. Agents I work with have always complained about the way they are pushed when making offers. Simply put, you have to stand your ground with your offers. I've said this before, your offers have to be backed by data in order for your negotiations to have teeth.
Equator is not in the business of helping BofA get rid of inventory. It is in the business of selling property, expecting a better return than what BofA has been getting. They offer BofA their administrative services for the opportunity to handle their inventory for a piece of the sale. If you have done business with their REO side, or know of agents who rep their REO's you will see similiarities in how business is done.
Just remember, third party negotiators may not have to follow investor guidelines. Make no mistake, their purpose is to maximize the return on these bad assets. Since there is still transition between the both, chances are guidelines are still being set with regard to short sales. I believe consistency is still some time out as the two firms become more familiar, through experience, with each other.
If you have the time, you may want to find the BofA rep who is the liason between thr two firms. However, more than 1 agent needs to call that department and exploit this route, to create a change to more consistency. You may get relief on a case by case basis. Since you seem to have quite a few, it may be a good idea to open a line of communication with BofA concerning Equator.

Permalink Reply by Laney on April 5, 2010 at 10:50pm

I am a buyer and accepted BOA counter after 4 months of hearing nothing. Before the 2nd mort company accepted the deal, BOA countered again asking us to pay part of lien (although BOA agreed to pay the lien in full originally). I'm not sure BOA can counter a valid acceptance. Thoughts?


Michael Davis said:

after weeks of wrangling back and forth including an initial counter offer above FMV we recently had one where they accepted an offer at $495. We sent it back to them to correct the commssion amount and they cancelled the offer 10 minutes later. Haven't been able to get any response since and we're very good at escalating. Sold buyer another property. Way to go BOA and Equator!