Replies to This Discussion

Permalink Reply by Kimberley Kelly on June 21, 2010 at 1:59pm

Hate to say this, but you are right about B of A..insanity is putting it lightly. I had B of A turn down a deal last week because their counter offer was $3,000 higher than the Buyers would go based on their appraisal...oh well. I re-listed it at the higher price and will try again. The only thing you can do is counter with current SOLD CMA, photos of the property, substantiate your belief in the Sales Price and see what they do. They hold all the cards as we all know...

Permalink Reply by Claudia Carignan on June 21, 2010 at 2:01pm

Yes, very familiar with that experience - going through it right now - and you have described them so well. I cannot fathom how they make their decisions or where they pull them from.

Permalink Reply by Esther M. Camarotte on June 21, 2010 at 3:40pm

I had the same experience with another bank over the appraisal coming in lower than the bpo. I lost the buyer and after another 6 months another offer came in and I ended up selling it for $15,000 less than that original offer/contract that had been in place the first time. There is nothing logical about banks ever you must always remember that.

Permalink Reply by Karyl Moore on June 21, 2010 at 4:16pm

I've had this lately, too. I'm wondering if they are just countering to see what they can get or if they really intend to stick to these crazy counters. I got a counter today for $215K on a house that is worth $190K tops -- and also got another counter today for $139,000 when they accepted $135,000 on the same house about 6 weeks ago. They are being crazier than ever with counters. Maybe because Equator has made our lives too easy!?! Hah!

Permalink Reply by Katerina Gasset on June 21, 2010 at 4:33pm

They are not real estate agents are they! They have no clue as to what values are nor do they understand markets. To answer your question, yes, this is the sad case of insanity that happens more than once. The same bank gets the appraisal for the buyer to protect the bank's risk, then that same bank turns around on the seller side of it and counters above the same bank's appraisal! YEP, that is because the investor on the note is NOT BofA. BofA is just the servicer. Thus, they really are not the same bank. :)

Permalink Reply by Bryant Tutas on June 21, 2010 at 11:46pm

William. This is actually quite common. I have had it happen several times and every time I was able to get BofA to agree to close the deal at the appraised value. It wasn't easy though. The listing agent needs to keep pushing the issue until they agree.

Permalink Reply by Steele V. Propp on June 22, 2010 at 2:48am

An appraisal, just like a BPO, is not an exact science. It actually represents a range of value. There is no such thing as an exact "blue book" price. Get three appraisals and get three different prices. Probably close but not the same.

I was told long ago by appraisers that fair market value can easily be a 5-10% range.

In that regard, their numbers fit right in. I know it's disappointing but the FHA appraisal is not necessarily the final word from the Almighty.

Continue to argue your point, but at the same time understand theirs. Perhaps some kind of compromise can still be reached.

Permalink Reply by Stephen Shafer on June 22, 2010 at 2:50am

B of a came back $15,000.00 over market on a condo in Fl. I was so angry I emailed the negotiator that clients were smarter than the employess of B of A atleast they understood what comps were. She cam down to market but eliminated the tax & HOA arrearages so they shot themselves in the foot again as my client will not eat $ 5,000.00.