Hi everyone, I have been going back and forth on Equator with this short sale. Original offer price was $140K, BOA came back at $160K. Buyer then increased to $142K (this is true market value). We have countered 6 times and throughout I have repeatedly sent and uploaded comps that show nothing has sold over $144K in the last 3 months and other model match comps on the market listed at $150K+ for more than a year. They keep coming back at $160K and will not respond to me Equator messages. Finally BOA responds with a $152K purchase price counter. My seller even increased their contribution from $3K to $9K which at that point one BOA negotiator said we met the investor net. BOA then declines it. BOA says as of today, they are back at wanting $160K (including the seller's $9,500 contribution) and that is the final counter and that the investor will accept no lower price and will cancel the transaction if they dont get it. I dont know what else to do. I have messaged everyone on the Equator message list explaining that this value is not attainable and showing proof. The investor will not budge.
Any suggestions?
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Send an e-mail to Fannie Mae requesting that they review this value. I just assumed that Fannie Mae was the investor. The only issue you may face with Fannie Mae, is that they have a inside panel that sets their value and they don't usually budge from that even if the comps don't support their value. Also, go up the ladder at Bank of America and get other persons involved in the transaction.
We do not know what they are looking at on some of these deals. Good Luck!
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