BOA Reject offer immediately via Equator?
Hi All, I feel like I am dealing with an unscrupulous agent - unfortunately to get the property, i have to use the listing agent as my agent.
We submitted the offer last week, and the agent came back this week saying that the system has rejected the initial offer price (which is over the listing price). So unless I submit a higher offer, the listing agent will go to his backup.
Does this sound right? I haven't seen any documentation or screenshots of the computer system. First there is no documentation, second the timing is really fast, third does BOA reject an offer immediately without having even assigned a negotiator?
I feel like this agent is yanking my chain. Let me know if you guys have any experience dealing with this. Thank you very much!
Replies to This Discussion
-
Permalink Reply by Bettie Meadows on
-
Yes she is correct. That is how BOA work.. Their system will immediately reject an insufficient offer.
-
-
Permalink Reply by Michael Schneider on
-
I believe that BofA has pre-loaded property values, no doubt a combination of AVMs, Case-Shiller etc., to estimate fair market value (FMV).
Then, they probably have some geographic specific business rules with knock-outs when the net-proceeds is below a threshold value of the FMV.
Eg, If Net Proceeds < .84 * FMV, then reject immediately.
Hence, the quick reject. Just a guess...
I have no proprietary knowledge of BofA systems, btw. -
-
-
Ohhh...so it is true! But do they specifically ask for a number or i should just up the offer however much I am comfortable? Thank you very much for the insight. I thought only after the negotiator is assigned we will get some sort of accept/reject!
Bettie Meadows said:Yes she is correct. That is how BOA work.. Their system will immediately reject an insufficient offer. -
-
Permalink Reply by Brian Peters Jr on
-
Request a new BPO be done and quit spending your clients money.
-
-
Permalink Reply by Kathleen Sheridan on
-
There is a difference between a counter offer which comes from the negotiator, is detailed, and can be printed out as a PDF, and an instant rejection of the selling price which is computer generated and without any documentation or explanation. The first situation can be countered, I'm still figuring out how to deal with the 2nd situation.
Charity Hart said:I have two short sales in Equator right now (I'm listing agent on both and have both sides on one). It is not unusual to get a speedy counter from Equator. They counter online. What you may want to ask the listing agent to do is to give you a counter in writing based upon Equators counter. Your buyer can accept or counter back. In my experience, the system does say reject but it's actually a counter. What I do is print the worksheet from Equator (it will detail everything and anything they are countering) then I do my own counter in writing for the buyer. Once I have received acceptance or counter to counter from buyer, I enter the terms in Equator, they will either accept or reject. You do have a contract. Listing agent should provide you with something in writing. I doubt he is yanking your chain, he may just be inexperienced with Equator. It's a new system. Good Luck! -
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons