The market is stabilizing according to Bank of America
I got a bogus counteroffer on a condo last week. Average sales price in the same building is approx $158,000 and our offer is for $160,000 based on a recent short sale approval that we had BUT the buyer walked away and of course BofA will not let us just substitute a buyer.
We get a counter offer of $223,000 which is not even close, not a chance that it appraised for this amount, not in this market.
I questioned the negotiators team leader and she told me, "the market is stabilizing". What? I questioned this and she told me that agents are telling her that the market is hot and they are busy. Her understanding is the market is stabilizing. Well, I can tell you that the waterfront condo market in Panama City Beach Florida is NOT stabilizing!!
What a joke. I am just about to the point of not taking anymore Bank of America short sales, I would rather spend my time in a more productive manner.
Replies to This Discussion
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Permalink Reply by David Wiggins on
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I just had B of A counter one that we have in contract for $115,000. They countered back at $130,700, want the owner to carry a $16,000 note and contribute $1,200 in cash to close. Also want to clip off about $1,000 of buyer's closing costs they were asking for. Property might sell for $105,000 - $110,000 if they foreclose and put it on the market in 2 - 6 months. The value of this home now is between $98 > $102 per ft. This is frustrating. You start thinking that B of A is just working on short sales for "show" but not really caring if they sell or not.
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Permalink Reply by Nina Jihee Yoo, CDPE on
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Jeff, I feel exactly the same way how you feel. I submitted offer at $450,000. I had counter offer $500,000 from BoA. Buyer's lender (Wellsfargo) jumped in appraised $450,000. I sent full appraisal report to BOA and they countered back at $490,000. I don't know what to do.
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Permalink Reply by Mary Sowell on
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Ask her if she has heard of Deepwater Horizon?
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Permalink Reply by Wayne Palmer on
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Baloney! Just last week NAR reported that BOA has stated that in December 2010, their OWN foreclosures will process 45,000 per month as the escalation of foreclosure properties takes off, from the now rate of 7,500 per month. STABILIZING??? Don't trust them or their employees for I think they speak out of both sides of their mouths.
I know their is money to be made by doing their SSs, but when are "enough" lies "enough?" But they are following the rules... -
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Permalink Reply by Gwenda Huebner on
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ohhh... I feel your pain. I actually had been declined on a short sale for BoA last week because we didn't meet the net. So, we finally got the borrower to throw in some cash so we could re-submit and meet the net they had asked for. So did you all know... that according to this negotiator @ BoA the price of this particular home went up $12,000 in 7 days and now they want to net an additional $5,500??? If houses are going up $12,000 in 7 days, I better get buying.
So... when I called and said... this is not even a logical statement and I want to talk with someone who knows what they are doing... they gave me the number of the negotiator that gave me this info... yeah.... she knows??? BoA you need to EDUCATE or WAKE UP! Some area's are still declining.... stop being greedy.. that is what got us into this mess! AHHHHHHHHH! -
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