Ok- I submitted an offer for a short sale in equator but just got a counter-offer that I think will probably not appraised.. Has anyone being successfully in doing a counter to the counter sent by BoA.

 

 

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After given the bank an offe,r they sent out a BPO guy and then came back to me and requested for the buyer to come up to the BPO value. The bank took awhile to response, but in the end they did come back and accpeted it. Just keep in contact with them and they and work it out.
Counter your amount and upload some comps. Send your negotiator the message with the comps. I have a similar situation, and I told them the house right next door sold for 30K less. Hopefully my deal will now appraise. Good Luck!
Yes, they're just negotiating.
I just experienced the same countering situation and I'm representing the Buyer and BOA countered $60K above offer price. They're off their rocker!. I sent in the comps proving my fair market value of Buyers offering price to the Title Company dong the Short Sale negotiations for the Seller and countered back to the Buyer's original offering price. We'll see how it goes.
I'm an end buyer and the same thing happened to me this week, BOA countered $55k above my offer (which was 6 1/2 months old). The listing agent told the negotiator and a supervisor it'll never appraise for that but they wouldn't budge. Whether BOA "influenced" the BPO agent I don't know. So I accepted the high offer today and I'm buying the house with a VA loan so I ordered an appraisal which will be done by early next week. Then I'll submit my appraisal and tell them this is my final offer. I've already talked with the local VA appraiser off the record and he thinks it'll appraise a lot closer to my offer than theirs. But if I think the appraisal is too high then I'll just walk.

Could I have counter with some comps? Yes, but they could also have rejected it and that would end over 6 1/2 months of waiting. I have no problem paying FMV for a house especially after being put through hell for close to 7 months.
I will be very interested Tim in how that works out. Please let us know! I am in the same boat in that I think my offer is right at or even above FMV. Based on comps I am figuring their BPO will be lower than our offer which should help in the decision process for BOA but I am concerned that after all that my VA appraisal will be lower. One would THINK that they would have to budge when faced with an appraisal versus a drive by BPO.

Ask them if they will give you a VA loan for more than the appraised price. I'll finance with you BOA.......
I have had two recently.

One they countered the seller concessions for closing costs and prepaids. We had asked for $10K and they limited to 3%.
We countered back that we need the entire $10K to make the deal work. The replied within 48hrs with an approval. Gave us 60 days to close.

The other property they counter the purchase price. They wanted $10K more. We countered back increasing the purchase price by $2,500. We are still waiting. It has been two weeks now. I have emailed and called BofA. The only feedback is that they are reviewing the file.

In your situation I "might" accept the counter and if it doesn't appraise...then I would send them a copy of the appraisal and ask for approval based on the appraised value.
I'm in the same situation, a VA loan and BoA countered way above local comps. We accepted their offer because it was 'firm' and are just waiting to see what happens when the VA appraiser appraises it. I"m sure it will appraise lower, comps show it at or below our offer price which was $35K below what BoA countered at. We should have the appraisal this week so we'll see....
If you don't mind let me know how it goes, curious though.... How long has your sale been processing?
I think I am done and going to walk away from this mess. We submitted our offer on 3/15/2010 and seller accepted 3/17. Everything was uploaded into equator on 3/20 and so here we are. Our offer was slightly less than the listing price at way my agent and I felt was FMV.

BOA supposedly did a BPO in early April and come this weekend we wiil be at out deadline of 60 days. Granted I know that 60 days is not that long compared to many people's saga but I need to move in June. The movers are packing us out next week, and we close on our old house in two weeks. I am not going to gamble and be in limbo for the summer.

What troubles me most is the lack of anything. Nothing from BOA. According to the listing agent they are "close" to approval one day and then spoke of a counter 55k above our offer (I said no way, way above FMV) a few days later. That was two weeks ago, but I have never seen anything from them, not even that supposed counter.

Will telling the listing agent to inform the negotiator at BOA that I am done come the end of the week going to even do anything?
Any updates on any of this? I am in the exact same boat as some of you. I am a buyer and submitted an offer and BOA countered $17k higher. My agent sent in a counter at $9k more than the original offer. We are waiting to hear back. I am ready to walk if it doesn't go through. The house has been on the market for almost a year without a single offer until mine. Now they want full value.
All I ever wanted was an opportunity to buy the home at a fair price. I thought our offer was right at FMV, maybe even higer compared to comps. My concern wasn't BOAs approval but rather if my lender's appraisal would come in high enough and derail their approval.

Their first counter was 55K above my offer. I know it will not appraise that high. The kicker too is their counter is above what the seller owes. Granted with fees and commissions they may still be short but the home has been on the market for 200 + days with no offers when it was listed for 50 less than you counter with. Do they do urinalysis tests on their employees?

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