Bank has countered our offer after getting inputs from investor. Its way above any properties sold in that area in last two years! The appraisal done by bank also came in very high and now they have countered at the appraised value. The house was listed for 60 days at a price which was 40k below banks appraised value but got only one offer that also further 40k below the listed value.
Pls suggest what to do. As I understand we have to reply to counter asap or the file closes on equator!!!!
Negotiator is not receptive over mails. Also since the counter came yesterday so a weekend falls in between!!!
HELP!
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Rahul. You can try to dispute the value. Do you have accurate comps that will show their appraisal as being wrong? I don't know the value of the property but an 80k gap makes me wonder how an appraisal can be so far off. Try to make your case and get it into the hands of the negotiator. If they won't listen then you really have no choice but to reprice the property. Price it at the appraised value then do regular price reductions until you get it under contract again. Some times the 2nd time is a charm. Or the 3rd. Or the 4th. Keep pushing.
@Phil BOA ordered the BPO which was done by a local realtor. BOA told us what it was ($295k) because that's what they countered us at. I ordered the appraisal through my mortgage broker who ordered it through a VA underwriter. I got the appraisal done to establish FMV and to tell BOA their inflated BPO was BS. One thing to remember is (and BOA should know because they're a lending institution) loans aren't approved with BPOs but they are with appraisals.
@Catherine I'm in California and I tried googling about the AG suing BOA but couldn't find anything. Can you provide a link? Thanks!
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