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Makoto, This is one of the reasons why you should only submit strong fully negotiated contracts to the lender. Not offers. You stated "I doubt that they will approve the lower offer" I guess my question is...then why was it submitted? Were you up against foreclosure sale date?
Always negotiate the best possible deal you can get first. Have the seller accept the contract. Then submit for approval. Does this make sense?
Makoto, This is one of the reasons why you should only submit strong fully negotiated contracts to the lender. Not offers. You stated "I doubt that they will approve the lower offer" I guess my question is...then why was it submitted? Were you up against foreclosure sale date?
Always negotiate the best possible deal you can get first. Have the seller accept the contract. Then submit for approval. Does this make sense?
+1 on what Bryant said. DO NOT send in another offer, BofA has a hard enough time with one offer, what do you think they will do with two offers?
Bryant Tutas said:Makoto, This is one of the reasons why you should only submit strong fully negotiated contracts to the lender. Not offers. You stated "I doubt that they will approve the lower offer" I guess my question is...then why was it submitted? Were you up against foreclosure sale date?
Always negotiate the best possible deal you can get first. Have the seller accept the contract. Then submit for approval. Does this make sense?
Mako, The truth is that this is a decision for the seller to make. Not you or the BIC. If the seller is already under a binding contract then they are in no position to accept or submit another offer to the lender. Remember the lender is NOT a party to the contract.
All you should be doing is asking them to remove the lien so the deal can close.
I agree with Jeff that submitting another offer to BofA is going to not only confuse them but may very well cause the file to be closed. BofA's guidelines state they want a fully signed CONTRACT. No where do they state they want to see offers.
Your seller needs to seek legal advice.
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