Replies to This Discussion

Permalink Reply by Wendy Rulnick on May 15, 2012 at 9:49am

Diana - I've experienced the opposite with Bank of America cooperative short sale. Their vendor insisting we reduce an MLS price of a listing already under contract and refusing to go forward unless we did.  I would suggest you Twitter help.

Permalink Reply by Jessica Smith on January 2, 2013 at 5:22am

This is the first I've been able to find anyone mentioning this - can any of you tell me why BOA is doing this?

 

Background: I am the buyer. We found a SS that was listed at $495K, but had been on the market for about 6 months and had dropped the price every month or two. We offered $450 (assuming it was about FMV-10%) through our agent in November. Seller accepted and then went through their listing agent and lawyer to start their paperwork. Just before Christmas I saw that the listing (though in PNC status as of the date of seller acceptance) had changed to $426,800. We asked our agent, who found out from the listing agent that BOA made them change the price to that number in the MLS. I do not believe they are in a coop short sale, because we asked if they had already started the process with BOA before we made the offer -- and the listing agent said no, other than retaining a lawyer.

My question: Does this affect us, as the buyers, in any way? Will they come back to us and ask us to lower our offer? (That seems silly, because I would think they would want to get as much for it as possible to mitigate the loss?) Is this BOA's way of trying to pad the numbers to show how "healthy" the market is, with the % of houses sold over list price stat they tout? Is it their way for us to essentially pay all the buyer & seller closing costs? I can't seem to find anything anywhere to explain the reason for this.

 

Any help or guidance would be much appreciated!

Permalink Reply by Bryant Tutas on January 2, 2013 at 5:34am

Hi Jessica. The price reductions are coming automatically through the equator system. Usually every 21 days. Everything you have outlined tells me the seller is in the co-op program.

The price reductions should have no affect on your offer.

Permalink Reply by Thomas Zdanowicz on May 15, 2012 at 10:09am

I agree with Wendy, they wanted me to drop the price within 15 days and I had already told them I have an offer already at full price.  Maybe they directed you to a HAFA short sale and not the Coop?

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on May 15, 2012 at 11:03am

Wendy - I had the same thing !  DTS wanted me to reduce the price by 3% when we already had a signed contract!

Permalink Reply by Wendy Rulnick on May 15, 2012 at 11:28am

Thom and Thomas - Part of my problem with this is it gives a untrue picture of what list price produced a contract in the MLS... It's basically manipulation of market data. I am going to give huge push-back the next Bank of America through one of its third party vendors instructs us to do this.  The MLS should be an accurate picture of the market. Pending comps are used in other valuations.  It is not a well-thought out policy, if it's thought out.....

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on May 15, 2012 at 11:37am

Wendy -

You are absolutely correct.  I told the "marketing" person at DTS that I would not reduce the price and there's nothing they could do about it because the Listing Agreement was between the Seller and me - and - I already had multiple offers at near list price which was above their newly reduced price. 

Keep up the fight-

Thom

Permalink Reply by Thomas Zdanowicz on May 15, 2012 at 2:36pm

I agree Wendy, that's why I didn't drop it either.  Although I must say, it can come in handy if you have a second lienholder and they won't go for what BofA gives them.  Anyone call e-mail me or call me to talk about that.

Permalink Reply by Diana Skaff on May 16, 2012 at 9:42am

Is it common practice for someone from B of A to monitor this site, then call the Realtor?  That happened to me this afternoon.

 

Permalink Reply by Wendy Rulnick on May 16, 2012 at 9:47am

Their "Social Media" team in action... Hope it worked out for you.

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on May 16, 2012 at 9:51am

Yes - as well as other lenders....

Permalink Reply by Jeff Payne on May 16, 2012 at 10:10am

Diana, yes they do monitor the site regularly

 

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