Replies to This Discussion

Permalink Reply by Rita Legan CDPE (440) 227-4461 on May 12, 2010 at 7:08am

Ben,
Yes BofA is sending their offer to MI or PMI Company and to the junior or second. Normally BofA will offer 2% to them and they will counter at 5%. This is standard negotiations with lien holders, as all have to approve their piece. MI may ask for seller contribution etc... these negotiations become more difficult and protracted the more lien holders....as you can well imagine.
It sounds like your offer is moving along. I know it is hard to sit back and wait but this is when the tire meet's the road, and as a buyer you don't see the negotiations going on behind the scenes. Hope this helps. Good luck

Permalink Reply by Ben Butler on May 12, 2010 at 7:14am

Thanks Rita. I appreciate the response. However, I feat that behind the scenes there is a mouse and a wheel. My agent is inexperienced with shorts (did not know what MI Company is), and the listing agent was caught by surprise when they said it was headed that way. I am willing to do whatever it takes to get an answer - good or bad.

I know how to get in touch with BoA, but is there any way to get in touch with the actual MI company? Any way to find out who that is? Or is it even worth rattling cages?

Thanks again.

Rita Legan said:

Ben,
Yes BofA is sending their offer to MI or PMI Company and to the junior or second. Normally BofA will offer 2% to them and they will counter at 5%. This is standard negotiations with lien holders, as all have to approve their piece. MI may ask for seller contribution etc... these negotiations become more difficult and protracted the more lien holders....as you can well imagine.
It sounds like your offer is moving along. I know it is hard to sit back and wait but this is when the tire meet's the road, and as a buyer you don't see the negotiations going on behind the scenes. Hope this helps. Good luck

Permalink Reply by Esther M. Camarotte on May 12, 2010 at 10:34am

Because the banks buy insurance on their loans in case they default. Common practice. They will tell BoA what they need to get in order to be made whole by the MI company. It should only take a couple of days from the MI company. But don't be surprised if they come back and want a little more. This must be met in order for the bank to be made whole. I have experienced this several times.