We are the buyer and we offered 1k more than list. BoA came back 22k more so we countered back at only 11K more than list. It's been 19 business days and still nothing. Anyone have a experience w/ counters to BoA. I'm wondering the length of time to expect an answer. Also if they dont like our counter will they counter back, completely decline, or say that the 22k more is the only price they'll take. The list price was good compared to the comps, there is a 2nd mortage also w/ BoA though, not sure if seller had PMI. This site has really helped me learn more, thanks for everyones help!

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Replies to This Discussion

Hi Jerry,

Did they actually make a counter-offer, or did they issue a short sale approval at a certain price, which ended up being higher than your offer? Technically, only the seller would be authorized to make a counter-offer to you, since the purchase contract is between the buyer and seller. The seller's lender approving the short sale is only a contingency to the contract. I'm sure you know this but, just because you offered more than list price doesn't mean that amount would be acceptable to the bank. While we'd like to think these lenders would respond favorably to contract prices, it's just not always the case. BoA is guilty of this. I had a SS w/ BoA take an additional year to get sold because they rejected a reasonable price early on. It ended up netting them $100k less than if they'd have taken the first one.
The negotiator worded the email to the listing agent that 'the lender countered this'...

Eric M. Boyd said:
Hi Jerry,

Did they actually make a counter-offer, or did they issue a short sale approval at a certain price, which ended up being higher than your offer? Technically, only the seller would be authorized to make a counter-offer to you, since the purchase contract is between the buyer and seller. The seller's lender approving the short sale is only a contingency to the contract. I'm sure you know this but, just because you offered more than list price doesn't mean that amount would be acceptable to the bank. While we'd like to think these lenders would respond favorably to contract prices, it's just not always the case. BoA is guilty of this. I had a SS w/ BoA take an additional year to get sold because they rejected a reasonable price early on. It ended up netting them $100k less than if they'd have taken the first one.
ALWAYS ALWAYS ALWAYS keep in mind the persons you deal with in loss mitigation are called "negotiators" for a reason....there are far too many variables in your question to get a straight answer (who is the investor on the note, has it gone to charge off, is there mortgage insurance, etc.). Push back on them and be willing to wait them out and you should be ok.....
I had a case where I listed a property for $225K and we got an offer for $190K, after BOA did their BPO it came back at $228K and they countered at that price. The buyers re-countered at $215K and BOA did accept it.

So yes you can counter them back. It did take 3 weeks to get the approval letter though..
Thanks for your reply on this...BoA didnt accept our counter and we are now finding out the people on the listing agents side arent doing their job...

Juan Reyes said:
I had a case where I listed a property for $225K and we got an offer for $190K, after BOA did their BPO it came back at $228K and they countered at that price. The buyers re-countered at $215K and BOA did accept it.

So yes you can counter them back. It did take 3 weeks to get the approval letter though..

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