Hi Everybody,

Need some help!!! With all the knowledge that I receive from this website, and being persistent.  I was able to finally get a response from BOFA.

My offer is @ 209k w/$3k towards cc.

BOFA countered at $230k 

Based on the comps in the area, that is too high.

Also, there is no MI and BOFA is w/in delegated authority to approve this short sale. ( does not need to go a private investor for approval)

 

I'm going to countered back $212k w/ $3k towards cc. Will see what happens. :-)

 

Does Bofa go back and forth, or is their countered the minimum? 

 

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They go back several times. Send them the comps. You have to call and get a manager on the line to review the disputed value.
There is some negotiations back and forth but just remember that most likely they have an appraisal guiding them.  What makes them think that the property is worth $230 and you think it is less?  Do you have solid comparbles to use?  What do the comparables show for your area?

The house I'm trying to purchase is 1500sf.

COE- 5-27-11-The house across the street sold for @210k rehab1200sf. COE-5-23-11 A house 4 houses down sold for $199k. 1200sft, no other comps with in that tract. If I pull comps 1 mile radius, than it could vary from $150k to $250k. 

 

What do you think?

 

Not sure, are the comps similar to yours in condition?  I see one that sold for 175 per foot and one for 165 per square foot, although square foot pricing is not the best way to price a home, a 1500 square foot home at 165 per foot would be $247,500.  The bank may not be too far off on their counter.

linda uribe said:

The house I'm trying to purchase is 1500sf.

COE- 5-27-11-The house across the street sold for @210k rehab1200sf. COE-5-23-11 A house 4 houses down sold for $199k. 1200sft, no other comps with in that tract. If I pull comps 1 mile radius, than it could vary from $150k to $250k. 

 

What do you think?

 

 BOFA said "I will send you one last counter offer" and they countered at $225k with no closing cost. Can I still negotiate the price or is this really their final offer?


Also, they indicated that BOFA does not pay for closing cost. Is This True?

I've experienced bad/high numbers for BOA of late.  Disturbing - combined with their Equator debacle and general lack of concern. So, getting a high counter is pretty normal from them.

Think about one of your comments - BOA is w/in their delegated authority - meaning that their numbers are so high, so above the minimum of the investor that they have the go-ahead to make the deal.  Doesn't that tell you something?  Like there is a lot of room below their number?  When they HAVE to go to the investor for the approval, then you've made it so they don't get to have an extra vacation to Maui on you.

Now, their are some absolutely brain-dead negotiators at BOA incapable of using and believing a calculator.  Don't count on any absolutes at BOA.  That aside, when you feel you have the best deal you want to present, in no uncertain terms, in the counter demand that it go to the investor.  A negotiator with an IQ above 90 knows that if he kills a deal w/in the investor parameters after you have insisted that he give it to the investor, is really looking for trouble.

2nd, there is no such thing as a final offer.  The worst this person can do is deny the short sale and you resubmit it.  I have to do that way more frequently than I should because of very bad negotiators.

Finally, although I couldn't prove it in the last 3 months, BOA seems to have told some closing officers to use their brains and actually examine the deal.  I have used this to initially accept a bad offer when it is going nowhere and then when the closing officer is assigned, I'll point out that a closing cannot happen unless someone pays for it, or whatever the problem is.  I was very surprised the first time that the closing officer took the HUD-1 that I needed to close and gave me an approval that matched it.

But, as I said, of late, the closing officers have been as bad as the usual negotiators. So, I don't know if BOA is so enamored with their record profits that they've decided to screw all investors and short sales or I've just had a bad run of closing officers..

I recently ran a "reverse comp" CMA --used this tactic with another bank. I pulled up all the solds in the price range the bank was asking for--instead of comping by sq. ft, I comped by price. Lo and behold, homes 1000 square feet LARGER than my listing were selling for the banks counter price. I got a new BPO, new price and approved short sale. Try that if you need help proving to BofA that 230K is too high. Assuming of course, superior properties to yours will come up in the higher price range.

 

finally received approval letter from bofa @ $224k. !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Without this blog and my previous mortgage experience ... I was able to get the approval!!!

Even though the sellers agent, hired a 3rd party to handle the short sale that was worthless and waste of time. They had the approval letter since the 7-14, and never told us, until I call BOFA today.

 

 

I would've never received an approval without SHORT SALES SUPER STARS :) Thanks alot!!!!!!!!

 

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