Replies to This Discussion

Permalink Reply by Bryant Tutas on July 3, 2010 at 12:07am

Bad BPO. It happens. Send them over a full blown analysis and see what you can do to dispute the value based on facts. Keep pushing the issue. If that doesn't work you may very well have to place the property back on the market at the higher price then reduce every week to 10 days until you get it under contract again. Then resubmit. BPOs are only good for 60-90 days. You just have to keep working it.

Permalink Reply by Oskar M Jonsson on July 3, 2010 at 5:18am

Bryant..........Thanks for your reply. I sent them full blown analysis couple of weeks ago and I thought I had gotten to them. Then the file got assigned to a different person and his counter offer went up by $30k. The Foreclosure date is 9 days away. THANKS!!

Bryant Tutas said:

Bad BPO. It happens. Send them over a full blown analysis and see what you can do to dispute the value based on facts. Keep pushing the issue. If that doesn't work you may very well have to place the property back on the market at the higher price then reduce every week to 10 days until you get it under contract again. Then resubmit. BPOs are only good for 60-90 days. You just have to keep working it.

Permalink Reply by Ali on July 3, 2010 at 5:24am

Oskar.. story is very similar to mine - - though I'm the buyer - we offered 40K above list price on a short sale and seller accepted. Waited for the banks response, and they responded 100K higher than our offer - which was ridiculous - because the previous sale of this property was about 65K less than the bank's offer. It seems to me that they are trying to make money on these sales..

Permalink Reply by Oskar M Jonsson on July 3, 2010 at 5:35am

Ali.........I called and questioned the BPO agent and her response was as followed..."I do 50 BPOs a week and I have to be in good standings with the bank"...........WHAT???

Ali said:

Oskar.. story is very similar to mine - - though I'm the buyer - we offered 40K above list price on a short sale and seller accepted. Waited for the banks response, and they responded 100K higher than our offer - which was ridiculous - because the previous sale of this property was about 65K less than the bank's offer. It seems to me that they are trying to make money on these sales..

Permalink Reply by Anna Boyd on July 4, 2010 at 4:09am

When I see BAC asking for much more dollars than fair market value, I can only assume they have no intention of going through with the short sale, want to foreclose (because they're making more money on the back end somehow) and are just "going through the required motions".

Permalink Reply by Paul Kuriatnyk on July 5, 2010 at 4:29pm

Oskar,
This is happening to many agents, myself included. Bryant is right. Bad BPO. I would try to keep the current offer alive to get the postponement, making sure to contact the trustee for verification once the postponement has been granted, then work on obtaining another offer.. maybe even the same buyer.

Lastly, Ask for the superviser and their contact number...sometimes they can push it through. I recently had a superviser force the negotiator to submit the file to the investor.
Hope it helps