Counter offer for $ 110,000 more than previous counter

We had a counter offer and we agreed, then the Buyer was qualified for HAFA, we went HAFA and after more than a month of waiting for a negotiator we get a Counter Offer for $ 110,000 more than their previous counter.

BPO is not realistic, negotiator won;t reply to emails or return calls. He says that's the magic number and there is nothing to do.

There is no way the house will sell for that much, and it was on the market for 110 days before getting any acceptable offer.

Any contacts you can share to escalate?

Views: 78

Replies to This Discussion

Permalink Reply by Shannon Noble on August 19, 2010 at 12:16pm
This happened with me today. Just FYI, all BPO agents are told to not use any Short Sales, REO or any other distressed comps. I have all my buyers do a full appraisals and send it in with all of my offers. Just for thought - how can any lender make your buyer pay for a property that does not appriase out. Just think if your buyer needed to get funded for this - it won't happen.
Permalink Reply by Karyl Moore on August 19, 2010 at 3:36pm
I had a similar thing happen recently and I was able to get the supervisor's contact info from the short sale dept (the 800 number you call for follow up) and after I contacted her, they lowered the price to within a reasonable area altho still not what I thought it should be. We're still arguing about $7500 but I guess that's better than $110,000. Unbelieveable! It seems like sometimes for some reason unknown to us they just want to foreclose. Good luck!
Permalink Reply by Gabrielle B Dahms on August 20, 2010 at 10:20am
Roger,

Supply the negotiator with your BPO and make sure to substantiate values, giving detailed explanation of both the subject property as well as the comps etc. Then continue to call the negotiator every 2 days until you get a response.

Hope this helps.

Gabrielle
Permalink Reply by Jeff Payne on August 20, 2010 at 10:36am
Perform your own BPO. As far as Shannon's message, with ALL due respect, all BPO agents are not told to not use distressed comps. I do a TON of Chase BPOs and they do not tell us to exclude distressed comps. I do like the idea of having the buyer do an appraisal and sending that in to dispute the BPO, great advice.

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