BOA/Equator Counter Offer too High short sale
I received a counter offer from BOA/Equator system about 25% more than offer price. The home is not in good condition and needs a lot of fix around 25K. I am sure BPO doesn't take into account all this facts as condition is subjective to buyer, but it's not in normal condition and therefore sold "AS IS".
Also, home would not appraise anywhere close to counter offer price, seller also knows this and that seller is selling for around 60 cents. The most obvious route is it goes to foreclosure considering the property needs work and only investor will buy to flip it.
I have following questions
1) Did anyone else had such miss pricing in the BPO counter offer? If so what steps could be taken to rectify the offer?
2) How difficult is it to get short sale approved when seller is underwater more than 200K on 600K property? what issues are likely to come under such scenario going ahead?
-Tejas
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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Who escalated to his manager? The bank negotiator?
No you can not speak to his manager because you are not authorized to do so. Remember the short sale side is the sellers side and the bank has to decide if the seller qualifies for a short sale and they have to decide how much of a loss they are willing to take.
Access to information is not closed, did you ask for the offer worksheet? That has all of the information that you need.
Refresh our memory, how much was the house listed for?
How much was your offer?
what was the counter offer from the bank?
When your agent showed you comparables, what was the price range of the comparables, low to high? -
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Permalink Reply by Bryant Tutas on
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xxxx
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Permalink Reply by Marcy Moyer on
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I know it is very frustrating for buyers not to be able to speak to the bank directly when they are the ultimate decision makers. I can tell you though, that as a short sale listing agent I am more willing to give as much info as I can to a buyer who is working with me and not insulting me. I would suggest trying to be very nice to the listing agent and working together to get this done, as well as offering fair market value.
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Permalink Reply by Kim Kaplan on
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hello tejas. kindly contact me. i have been invited to join a special task force that allows me to escalate files that results in approvals withing a within a week for approvals such as your issue. this is a unique opportunity that has been afforded to a handful of realtors across the country. i can be reached at [email protected]. have a nice day.
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Permalink Reply by Donna McClelland on
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Hi Tejas,
I always have my buyers do their inspections up front for just this reason. If they had already done their inspection, they could simply submit the inspection report to BofA. I had this exact scenario once where the bank wanted $9K more than the buyer was offering, so we submitted the inspection report which coincidentally had about $9K worth of repairs that needed to be done and the bank came back and accepted our offer.
In your case, the others are right. If the agent did indeed submit your counter offer, the bank would have countered again and there would be a worksheet you could look at. If you are still serious about buying the property, you should pay for a home inspection which will show all the issues with the property, and then you can submit that to BofA. Usually you have quite a while to respond to the bank's counter offer, so if the seller's agent did indeed respond, you should still have enough time to do the inspection and submit it again with your offer.
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Permalink Reply by tejas on
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Good news!
I done with this short sale!
Seller Realtor, sucked and I found even better deal with other property and it's not SS.
Now this property is re-listed back in market:) and wait for it to foreclose.
-Tejas
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