Replies to This Discussion

Permalink Reply by Kristine Halverson on November 16, 2010 at 11:26am

Ask BofA if they will accept a Certified Appraisal as the value.

Permalink Reply by Charles Witt on November 16, 2010 at 12:11pm

If you buyers are willing to wait, and there is not a sale date expected in the next 60-90 days, then you could call equator short sale support, ask them to decline the short sale due to the buyer walking away, and then reinitiate and deal with a different negotiator. I hate this option, but sometimes it is the only one. Hopefully the new negotiator will order a new BPO. Good luck.

Permalink Reply by Jeff Payne on November 16, 2010 at 1:19pm

Send them your comparables . An appraisal would be best. Do you know who the investor is?

Permalink Reply by Scott R. Fuller on November 16, 2010 at 1:34pm

Thanks for the great suggestions so far. I have sent them full comps including 5 model match sold comps within the last 90 days. Those range between $137K-$144K. None even are close to the $160K they are wanting.
They will not disclose the investor

Permalink Reply by joe beauchamp on November 17, 2010 at 10:41am

I've had no luck with comps - appraisals are absolutely a different matter with BOA, in my experience.

Did a new BPO come in? If not, what is the reason for this sudden change in "value" by the negotiator? If so, you are stuck - at least until 90 days and a new BPO comes by. I guess that 20% to 30% of the time, BOA has a high BPO for my files. They send out idiots at $35 for a drive by - to real appraisers. So, it isn't a surprise.

BOA negotiators are given some "this is how collectors suck up lots of money" seminars and frequently I get the lie that the MI wants this or the investor wants that from the seller. They fold quickly when I point out the finances and ask how is it that they expect the seller to pay those things. Occasionally, I get a real pinhead who will kill an excellent deal for the investor - I don't get it, they should be shot, but few people at BOA clean up their messes.

Before resorting to resubmitting, I would escalate - when you get someone on the phone, do not hang up until you get someone with 4 brain cells or more. Don't take "I'll ask him to call", no, there is someone in that whole big company with some control who can talk to you.

If you have a decent to very good negotiator (and don't forget the team lead if you get no where with the negotiator), he will tell you to the penny what the investor needs. If he won't, he is either a semi- to complete brain-dead neophyte or lying. He's making up the numbers.

If you have enough good facts (I don't see them - why did they suddenly change the number?), I would go to John Ciresi - he often can help. (Why the decline after the negotiator said it was OK?)

I have close to zero confidence in the office of the president, but a couple of people swear that they can do something for you, too.

[Also, if you do other short sales, you probably have closing officers, negotiators and team leads that you can call upon to ask what the net needs to be for this file - I often get the number from someone not associated with the file. That will confirm that you have a REAL problem with the investor or that the negotiator is playing games.] If it is a claim that the "big bad MI" wants it, call cust svc, not short sales, and ask who the MI is. Frequently they will tell you that there is none. Guess what, the negotiator is lying to you to get more $$.

Permalink Reply by Julia Fishel on November 17, 2010 at 5:13pm

Had exact same scenario and am finally closing the sale tomorrow after 23 months (world record!). Find out who your investor is - do a Fannie Mae lookup online to verify. I can't speak for other investors, but if it's Fannie, you are stuck with their value for 3 months from the BPO date. Your negotiator should be able to tell you that date (or even the general help line).

In my scenario, even after escalating to CEO's office at BofA, my senior negotiator who was really helpful couldn't get Fannie to accept my comps (their value was $100K over), refused to pay for an appraisal, suggested I pay for a rush appraisal which I foolishly did, and when all that failed and they wouldn't budge 1 cent, I even attempted to escalate within Fannie - though unless your sale date is 5 days (?) away, they won't escalate to a Level 2 which is what you would need. You will have to wait until the BPO expires and start over - or resubmit the file just a few days before that expiration date. I found another buyer and made it happen.

The key remains - be there for the BPO armed with comps, repair estimates if needed and a smile and MAKE SURE that value comes in where it should be in the first place. Best of luck to you!

Permalink Reply by Darlene Krause on November 18, 2010 at 4:20am

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!

Permalink Reply by Shari P on November 18, 2010 at 4:57am

This happened to me with my first two offers on a property because we had BPOs too high. Each time we had to wait 90 days to get new BPOs. Finally, we got a good BPO and finally we got approval two months after the new BPO. It was a Fannie Mae loan and BofA said absolutely no way to get rid of the bad BPO except wait the time.

Permalink Reply by joe beauchamp on November 18, 2010 at 5:09am

Have you gotten reasonable to good results from FNMA? I have had the worst response from them for anything. I keep trying when I'm desparate for SOMEONE to fix a BOA mess but keep getting the same thing.

Just looking to see if there is a point. (For instance, the deal the negotiator Cook destroyed was 50% above market value - an extra $40K to FNMA and I could not get them to care one bit - that's up to the lending bank. Deal is now gone. I got a call from a listing agent on another place because an REO agent showed up to change locks and list the place - never went to sheriff sale and we had an open approval for a short sale. FNMA wouldn't even pass on the info that they are trying to sell someone else's house - unless I would get them an authorization -- which they rejected like 5 times - cleanest signature of any of my authos - I gave up - it was only to keep them out of court. - and on and on.)

Darlene Krause said:

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!

Permalink Reply by Joseph D. C. on November 18, 2010 at 8:40am

I would cold call into Matt Vernon from BOA. He's an executive on their Short Sale Division. Most Likely they'll refer you to Crystal she is the gal in charge of all Short Sale escalations. She's unbelieveable and gets things done when others can't.

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on November 22, 2010 at 9:09am

Scott, Matt Vernon is no longer responsible for Short Sales and REOs at BofA, he was promoted into a new position. If you send me an e-mail: [email protected], I will provide the person's contact info who is in charge of all Short Sales west of the Mississippi.
Best,