Comment

Comment by Bob A Gare on September 9, 2010 at 10:25am

Right now it's just the RI "swamp yankee" thick headedness showing.
Tomorrow I could say ok. But I have to get all these last few thing and have them looked over and then make a decision.

Comment by joe beauchamp on September 9, 2010 at 10:23am

You are (as buyer) in a pretty weak position. BofA people are not real world. They don't care about $2K. Much more important is that stack of 200 files on their floor. I would try to get the numbers needed for the investor, but you can't. I would also hit them where they live and that is NOT some little $2K on a file. Frequently they bring up the boogie man - MI. Ooo, look out, MI wants $5K cash and a $10K note from the buyer. Guess what, I've found that I don't get answers on some MI's because they don't exist - the negotiator and/or team lead made them up to extort more money. Think of the truth in lending laws they have violated - not for you, but for the seller - as I said, you are in a weak position. Hey Mr. team lead, you can't tell me who this mystery MI is? give my your manager - someone who can, or I'll be taking names and handing them to the D.A. for truth in lending fraud. You expect a seller to write a check with no name on it just because you say so? Hello?

That hits harder than you talking about $2K. They care about going to jail, they don't care about BofA being sued - everyone says that. They care about getting a atta-boy for squeezing money from you - even beyond the point that it goes to foreclosure - as I said, no real world thinking there. They care about getting those files off of their desk.

So, as the seller's "agent", there are many more things I could and would do to find out what the numbers really are and the real issues. That allows me to know what I'm really up against. They have to talk to me, they don't have to talk to you. Buyer is walking? They hear that so much it seems like a mantra coming from the phone.

A collection agency ploy (these BofA people get talks on how to increase revenue - not in a bright way because they often create foreclosures, but in a low level way) they know that as you get very close to a deadline, someone usually will find a way to come up with the cash. Gee, your agent is looking at kissing off everything, well, if he gives up 1/2 of his commission at least he'll get something. And so on. You could be in that stage of the game, too.

Again, if you knew what the investor REALLY needs for his net, you could jam that down their throats and explain that your next call is to the investor to complain that BofA has enough to satisfy their need but you will be walking because they are overdemanding. Etc.

Getting a flavor for the "game" you are in? You kinda have a wooden sword and they have a gun -- OK, they often shoot their own feet, never the less, it can hit you occasionally, too... ;-)

Comment by Karyl Moore on September 9, 2010 at 10:22am

A Buyer's agent did that 'let them stew' on a short I have with B of A so B of A closed the file in Equator. then the Buyer decided she wanted it at their price. Had to reload everything back into Equator. It's been a month and we have at least another month to go before we get another answer. they did another appraisal which means they might come back and say they want more now than they did before. You might make the listing agent stew but not B of A. they could care less. they are in control - not you.

Comment by Bob A Gare on September 9, 2010 at 10:20am

I'd never do an auction my self. That's why I went to the experts. My old boss was on the phone before I finished asking him. While he was on the phone another person who works with him happened to walk in. In minutes they had all the info on the house, the agents, our lawyer and our bid. I just need to get my hands on a few more pieces of paper.

Comment by Jeff Payne on September 9, 2010 at 10:16am

If you were willing to do $230,000 at some point, then it is $2000. Remind us again why this house is so important that you would wait almost a year?

Comment by Jeff Payne on September 9, 2010 at 10:14am

Bob, we do this stuff everyday and you are not going to get BofA to tell you anything. They will alert the clerk of courts as to their minumum bid but they will not tell you anything. Seriously I am beginning to think that you just want to stir the pot and not really interested in buying this house. With all due respect, I think that you are wasting everyone's time if you will let it die over $2000.

Comment by Bob A Gare on September 9, 2010 at 10:11am

Oh, remember it's not just or only $2000. We started at $199,000 and we are now at $232,000.

Comment by Bob A Gare on September 9, 2010 at 10:09am

I know the price could be more. We are working with people to find out what the bank really wants and is owed and are the there other things like an 80/20.
This is what these people do for a living for my old boss. It's like having you guys right here helping me.

Comment by Jeff Payne on September 9, 2010 at 10:04am

WHose attention did you get? I don't understand your logic, are you trying to get back at her agent or are you trying to buy a house? You drew the line $2000 short of buying a home you have been waiting on for 11 months. I certainly hope that you don't think that you are in the drivers seat because at this point if you don't take the deal with another $2000, you have nothing. I am not trying to be a jerk Bob, I am trying to help and from my experience, you will most likely be sorry if you really want this home and you let it die over $2000. Think about it and feel free to contact me outside of this forum.

Comment by Bob A Gare on September 9, 2010 at 9:58am

we had to draw a line some where. It's finally got thier attention. I have to let them stew for a while.
We've heard from her agent more times in the last week the we had in the last 11 months.
Any way what is a BPO?

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