How Are You Handling The Recent Trend Of Agressive Counters From Bank Of America
Lately it doesn't seem to matter whether we are working as a Listing Agent or as a Buyers Agent in a short sale transactiomn. Bank of America's new trend of Hard Counters is an Under Statement.
How is everyone else handling these issues.
I strongly believe that short sale homes should be listed at Fair Market Value as long as it is in good condiiton. As Realtors we check the comps each and every time we help a buyer or seller. So where in the heck is Bank of America coming from when they as for $50,000 even $100,000 more on a counter?
Here are two situations we are dealing with the weekend.
- One of the counters for a single family home from the BOA Negotiator was almost $100,000 on home under $450,000! Talk about a land mind. Short Sale request was submitted in December, so the new Equator System is proving to be faster , however $95,000? Are you kidding me?
- Another one where I am the listing agent, the counter was returned at $50,000 more than ratified short sale contract price ( which is Fair Market Value and matches all the comparables).
A penny for your thoughts?
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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FInd out what the BPO value is that they are using, submit your own BPO to them also. You will have to show them that their value is incorrect.
I have gotten two really good counter offers lately from BofA/Equator. One was only a few thousand off and the other was 9500 off but probably within the range that the property is worth -
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Permalink Reply by Peggy James on
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Thanks Jeff. On the property where I am the listing agent I have done exactly that, and so far they are not budging. On the property where we are are acting as a Buyers Agent, we know the other agent has provided the negotiator with detailed information about the comps.
Never a dull moment... -
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You may need to escalate the file to a manager and provide them with the comparables that you are using to establish value. Many times they do not want to give you the BPO amount but they will tell you the comps that were used
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Permalink Reply by Tim Kelly on
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I have found escalating the file does little to no good. The bank employees that you talk to don't seem to take anything very serious, even an escalation. Asking for the file to be escalated to a manager does about the same, squat! Especially with BOA!
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Thanks Jeff, we forwarded the Sold/Settled comps within the past 90 days within one mile to alert them of the current market conditions. Hopefully they will take a good look at them and compare to what they have.
Jeff Payne said:You may need to escalate the file to a manager and provide them with the comparables that you are using to establish value. Many times they do not want to give you the BPO amount but they will tell you the comps that were used -
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Permalink Reply by Cindy Jones on
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Peggy-surprisingly my buyer just received a BoA short sale approval today. A few months ago BoA countered our offer at a considerably higher price as well. We looked over the comps and then said NO. They agreed to our price and we should close before the end of next month. The BPO was way over value so making sure you have provided the real comps and then escalate if you don't get a positive response.
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Hi Cindy, thanks for adding to this discussion. I think the more agents who share this kind of information we will be able to help so many others. Thanks!
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