Looks like the seller just let the BPO agent in and now we have a counter from the lender of $75,000 on a FMV of $45,000. I have sent in comps supporting the $45,000 FMV but to quote the negotiator “Our counter is for $75k. We need you to carry out this counter.” I am not getting anywhere with her. Any suggestions?
Tags:
1 -find out who the Investor is on the loan, contact THEM directly
and
2 - Find out if there is mortgage insurance - if yes, see what the "coverage ratios" are.
and
3 - the BPO agent - get his/her name, see how many foreclosure/REO listings they have in the area
Best of luck....you can contact me off here at [email protected] if you have specific questions on the above.
I have encountered the same problem. Contract offer of $150,000, FMV reflects close to this, BPO came in at a ridiculous $215,000 and I was told the same "Our counter is $215,000, you will need to match this".
The first negotiator was awful. Short tempered, rude, closed the file out multiple times for absurd reasons. I have tried to contact the supervisor multiple times, no returned calls. I have had the file reopened and have sent in the new offer of $160,000 with CMA reflecting this as being fair. Exact same 3/2 with identical sq ft sold for $160,000 in 2007.
Has anyone found any tips for dealing with EMC?
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