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Comment by pcb3000 on May 2, 2012 at 9:50pm

Indy counteroffered at 1% below the last list price.  My realtor recommended that I not counter their counteroffer, even though it was 70K higher than my initial offer,  because "the listing agent is getting antsy, and now that he has an 'approved' short sale price he can just put in on the market, and sell it fast to someone else, so we should probably just accept the counteroffer at full price or we might lose it"

So we accepted the full price counteroffer from Indymac via Servicelink.

Now what happens?  

Was the counteroffer price already something that the investors should accept?  

Do most sales that have gotten to this point close, assuming the inspection and financing goes through, assuming I don't find something better and walk?

My realtor doesn't want to call the negotiator to ask any questions as he says it is the listing agent's job, however the listing agent is "very slow to respond to anything" according to my agent.  

I have the negotiators phone number-  will I screw anything up if I just drop him a line and see if he can give me some general answers about how the process works, i.e turn around time to get an approval letter after a counteroffer is accepted, etc?

Our lease is up on May 30th, and we are trying to figure out our living situation for the next few months while this deal crawls along.

We are 90 days since file complete to Indy.  I realize other short sales take much longer, but as someone just looking for a good house for my family, short sale or not, and not someone looking for a great deal or investment property, this has been an emotional ordeal that I don't think I would repeat again.

Comment by Heather chamberlain on March 22, 2012 at 2:52pm

In my experience, IMB is happy to foreclose.

Comment by Smitty on March 17, 2012 at 4:08am

I've seen it both ways.  I just got a property accepted that the last listing price was $158,000 for $115,000.  In this case the $158,000 was not the true value because of the work that needed to be done and the agent really didn't take that into consideration before she listed it.  I've also seen agents list and do progressive price drops and then finally get an offer, and to me, I DO think a BPO agent needs to take that info into consideration because you can clearly show the list price in that case out of the gate was too high.  I do think in most cases list price affects the BPO price which affects what the bank wants to ultimately net.  However not every case is the same.  In my example of the $158,000 list price, the BPO came in at $175,000 and yet the bank took $115,000.  Doesn't make sense on the screen right??  Well, the BPO was WAY out of wack and the list agent was able to PROVE the property had MAJOR issues that the BPO agent never reported and yet, it was clearly pointed out to the BPO agent. 

There is never a one size fits all in short sales, but I would say overall the list price has SOME baring on value, but is only one small variable.

Comment by Jeff Payne on March 16, 2012 at 10:29am

I have occasionally gotten an intelligent negotiator who understands the details and have provided listing history to prove our case.  Not often but it happens.

Comment by pcb3000 on March 16, 2012 at 9:56am

Interesting.  So what happens if the BPO comes back above the last listing price?  Back on the market to sit I guess.?  Seems very counter intuitive to me.

Comment by Kevin - Greenville, SC on March 16, 2012 at 9:29am

In my experience the Listing History matter not.