counter way above market value..urgent

Bank has countered our offer after getting inputs from investor. Its way above any properties sold in that area in last two years! The appraisal done by bank also came in very high and now they have countered at the appraised value. The house was listed for 60 days at a price which was 40k below banks appraised value but got only one offer that also further 40k below the listed value.

 

Pls suggest what to do. As I understand we have to reply to counter asap or the file closes on equator!!!!

Negotiator is not receptive over mails. Also since the counter came yesterday so a weekend falls in between!!!

 

HELP!

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Replies to This Discussion

Permalink Reply by Tim Harrison on May 17, 2010 at 3:09pm
I had an appraisal done on a short sale I've been trying to buy for 7 1/2 months now. The original contract price was for $240k, BOA did an insanely high BPO at $295k. The appraisal came in at $235k and the listing agent submitted it recently. This is a good one.......the "senior" negotiator told the listing agent that BOA doesn't value houses based on appraisals but they do use BPOs. Are you kidding me?!!!

So then the listing agent does his own BPO using most of the same comps in the appraisal and turns it in. The investor (Freddie Mac) is looking at it now. So let me get this straight, BOA is going to use a BPO from the listing agent (conflict of interest?) but yet disregard an unbiased 3rd party appraisal?

The one simply question with an obvious answer that needs to be asked is this: Does BOA, as a lending institution, approve loans based on BPOs or appraisals?

I just thought I'd throw this out there while I'm planning my next BOA management onslaught.
Permalink Reply by Keli Amparan on May 18, 2010 at 10:54am
I'll be interested to hear what you find out Tim. I'm in the same situation. I'm waiting for my VA appraisal which should have been back on 5/14 but the appraiser called that day and said that he was having a hard time coming up with value. We all think the bank used comps from a private gated airpark that's about 7 miles away from the house I'm buying, no way should those have been used as comps. We made our initial offer of $350K last August, since then the landscaping has died, there is a beehive in one of the pillars of the patio (needs to be completely ripped open to be removed and then stucco repaired), there are birds in the attic, there is possible mold in one room and the roof is leaking. The bank countered us at $385K and we agreed to it because they also sent the approval letter (or as I term it, the Golden Ticket). We never thought the house would appraise for 385. Now we're just waiting to see what the appraiser comes back at, and go from there.

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