Replies to This Discussion

Permalink Reply by Raj Amin on June 9, 2010 at 7:27am

Our original offer was 830, BofA countered at 870, closed at 850 - but we also waived home inspection...

Permalink Reply by Jeff Payne on June 9, 2010 at 7:31am

if you are asking for a percentage discount, all I can say is the the closer to FMV, the better. It has to make sense to them to short sale instead of foreclose.

Permalink Reply by cheryl on June 9, 2010 at 9:28am

First BofA does NOT want foreclosures over shortsales. the magic number is usually between 5 to 10% depending on file, taxes etc.

Permalink Reply by Kevin - Greenville, SC on June 10, 2010 at 1:55am

BOA counter - 895K, closed @ 700K.

Permalink Reply by Dee Catzin on June 10, 2010 at 3:01am

Kevin- Thats's awsome!
Was the 700K price based on FMV? with appraisals? or Just a counter offer without any comps?
I'm facing the same thing, But with a 45K less on an appraisal. How long did it take for BOA to respond?
Congrats!!!!

Kevin M. Lancaster - Willson said:

BOA counter - 895K, closed @ 700K.

Permalink Reply by Jeff Payne on June 10, 2010 at 4:53am

I think for the most part that is true but remember that BofA services most of the loans and once they foreclose, they no longer have to worry about them... Lately with nearly every BofA short sale that I have closed, BofA has required FMV based on their appraisal amount and many times they wanted more than FMV...

cheryl said:

First BofA does NOT want foreclosures over shortsales. the magic number is usually between 5 to 10% depending on file, taxes etc.