Replies to This Discussion

Permalink Reply by Stephanie Lim on June 24, 2010 at 11:33pm

I just went through this with BOA where they countered back when a new buyer had come in at the same approved price (approved price had only been issued a couple of weeks prior.) BOA countered at a price 6% higher than what had been acceptable previously. We countered back lower again. I used the buyer's appraisal to fight it and they came down to the buyer's appraised value pretty easily. On a different deal this week I had them come back after it got to the next phase after the buyer and seller had both agreed to a change (and accepted BOAs counter) and ask for a cash contribution for the first time. My only suggestion is counter back. Maybe someone else on here has some better insight.

Permalink Reply by Robin Rowland, GRI, CSP on June 28, 2010 at 10:45am

This happened to me also. I countered back 2 or 3 times via equator and the last time received an email that they were closing the file and they DELETED it from equator. I had it escalated to their "fast track" desk and the woman there got it immediately back in the system and re-assigned back to the negotiator who issued the 1st approval. It's at the investor now for final approval at that originally approved price. It was the woman at the "fast track" desk who recognized the absurdity of what was happening. Prior to my discussion with her the 2nd negotiator never replied to my emails asking how they could counter at a higher price than what the already approved 3 weeks prior. Don't give up.

Permalink Reply by Stephanie Lim on June 29, 2010 at 12:02am

Robin--thanks for this. I love this whole "Fast-Track" thing. That's what we were supposedly in for our new deal...then I found out that the negotiator wiped everything out of the system including the seller's financials and BPO that was less than a month old. I don't guess you were able to get a direct number for the Fast-Track desk?

Robin Rowland, GRI, CSP said:

This happened to me also. I countered back 2 or 3 times via equator and the last time received an email that they were closing the file and they DELETED it from equator. I had it escalated to their "fast track" desk and the woman there got it immediately back in the system and re-assigned back to the negotiator who issued the 1st approval. It's at the investor now for final approval at that originally approved price. It was the woman at the "fast track" desk who recognized the absurdity of what was happening. Prior to my discussion with her the 2nd negotiator never replied to my emails asking how they could counter at a higher price than what the already approved 3 weeks prior. Don't give up.

Permalink Reply by Lisa Lucas, CRS, CDPE on June 29, 2010 at 9:49am

As far as "fast-tracking", BOA is assigning local representatives to handle REALTOR issues. Call your local BOA and ask if they have someone on "fast-track". If not, call Equator and ask for the email of the negotiator's supervisor. If that goes nowhere, ask for the supervisor's supervisor, who is then a manager. Usually, the manager can get someone to answer you.

If possible, it is best to get someone local on the ground working for you as the basic negotiators vary tremendously in their ability to communicate with both the REALTORS and the investor....

I had this happen to me. They wiped out the first file, so when the offer from the same buyer was re-entered, all the old information was gone. The second counter required the seller to bring $5000 to cash on a $55,000 home, which it didn't the first time. Since the borrower is on SS and Disabled Vet benefits (minimal income), they cannot bring anything to the closing. I have given up after 11 months trying to make this sale work. I feel sorry for the seller, but BoA IS impossible. Actually, their representative told me on this short sale offer and all its trouble:

"You can't win them all...? WHAT?! Nice....

Good luck!

Permalink Reply by Paola Martinsen on June 30, 2010 at 10:32am

The reason why you are getting that is that some negotiators are better then others. They ask for everything to see what they can get. Counter back and say $0 cash and $0 note. and See what happens if they say they cant move forward without those then escalate because you know they were willing to do it without it. Also, you can get it approved at the same price as before, just counter back with the price the buyer is wiling to pay. They are not in a good position because you already know what they are willing to do. Remember stay firm, and if the negotiator is sticking to what hes asking for simply escalate.

Permalink Reply by Paul Kuriatnyk on June 30, 2010 at 1:41pm

There is no reason you should not be able to get the original amount. Might be a new negotiator (Some are tighter than others)
Call in and ask for the negotiators superviser. Call the superviser and explain the situation. They should be able to get it done.

Also, if you can't get ahold of the superviser immediately, follow up with a message in the system and cc all superiors to the negotiator. Someone should be able to help.

The last thing the supervisers want is a stalemate.

Permalink Reply by Julia Fishel on July 1, 2010 at 3:09am

I'm had an approval last year at $250,000. Have $258,000 offer in now and BofA says that FANNIE says its worth $340,000 -after supplying an appraisal that shows value at $250,000 . Sent letters to CEO of BofA and Fannie 2 days ago and contacted Resource Center at Fannie.

Fannie just calls me and says file won't be escalated above a Level 2 because there isn't a sale date in the next 5 days. Fannie guy tells me that even if we got 5 new BPO's at $250,000 that they are only going to take the $340,000 BPO !!!!! WHAT?!! They approved this last year at $250,000. I talked to him for 20 minutes - round and round in circles - and he says he couldn't escalate further. Local congressman tells me he can't get involved in contract situations.

HELP! File to be shut down in Equator today !!!

I'm sick to my stomach ...

Permalink Reply by Lisa Lucas, CRS, CDPE on July 1, 2010 at 3:31am

The BoA rep that was in the other day described a story exactly like this. He handled the file and even at his level he could not get them to listen. There is something wrong here that this can happen. Their is no logic to it at all. The presenter/manager said that Fannie Mae and Freddie Mac stick to THEIR BPO's regardless of "reality". It is frustrating. At the same meeting he told me, "You can't win them all".

OK, but when we do EVERYTHING right, bring in the correct offer for market value it is still turned down. I am beginning to wonder what is in the works behind the scenes just now. I think that the bank and/or Fannie and Freddie don't want to take anymore losses this year to keep their investors happy, OR there is something in the works where the banks are going to handle their distressed properties outside of short sales. I believe the later as nothing was said about staffing Equator with more negotiators or cleaning up their system. To me, that in itself speaks volumes.

I think there is nothing you can do. Even if you had the CEO intervene, Fannie and Freddie are doing business as they please...We can write our legislators and ask them to draft laws for Fannie Mae and Freddie Mac similar to HAFA and HAMP for non-FM loans...I did that yesterday.

Julia Fishel said:

I'm had an approval last year at $250,000. Have $258,000 offer in now and BofA says that FANNIE says its worth $340,000 -after supplying an appraisal that shows value at $250,000 . Sent letters to CEO of BofA and Fannie 2 days ago and contacted Resource Center at Fannie.
Fannie just calls me and says file won't be escalated above a Level 2 because there isn't a sale date in the next 5 days. Fannie guy tells me that even if we got 5 new BPO's at $250,000 that they are only going to take the $340,000 BPO !!!!! WHAT?!! They approved this last year at $250,000. I talked to him for 20 minutes - round and round in circles - and he says he couldn't escalate further. Local congressman tells me he can't get involved in contract situations. HELP! File to be shut down in Equator today !!!

I'm sick to my stomach ...

Permalink Reply by Julia Fishel on July 1, 2010 at 3:38am

Lisa - thank you. I think you're right on the money. I've been struggling with this myself and can only come up with that it's something much bigger picture. I could resubmit August 12th (the date the Fannie BPO will be erased from their system) but after 1-1/2 years I think I am out of juice. I personally paid $450 for the appraisal .. ugh.

Lisa Lucas, CRS, CDPE said:

The BoA rep that was in the other day described a story exactly like this. He handled the file and even at his level he could not get them to listen. There is something wrong here that this can happen. Their is no logic to it at all. The presenter/manager said that Fannie Mae and Freddie Mac stick to THEIR BPO's regardless of "reality". It is frustrating. At the same meeting he told me, "You can't win them all".

OK, but when we do EVERYTHING right, bring in the correct offer for market value it is still turned down. I am beginning to wonder what is in the works behind the scenes just now. I think that the bank and/or Fannie and Freddie don't want to take anymore losses this year to keep their investors happy, OR there is something in the works where the banks are going to handle their distressed properties outside of short sales. I believe the later as nothing was said up staffing Equator with more negotiators or cleaning up their system. To me, that in itself speaks volumes.
I think there is nothing you can do. Even if you had the CEO intervene, Fannie and Freddie are doing business as they please...We can write our legislators and ask them to draft laws for Fannie Mae and Freddie Mac similar to HAFA and HAMP for non-FM loans...I did that yesterday.

Julia Fishel said:

I'm had an approval last year at $250,000. Have $258,000 offer in now and BofA says that FANNIE says its worth $340,000 -after supplying an appraisal that shows value at $250,000 . Sent letters to CEO of BofA and Fannie 2 days ago and contacted Resource Center at Fannie.
Fannie just calls me and says file won't be escalated above a Level 2 because there isn't a sale date in the next 5 days. Fannie guy tells me that even if we got 5 new BPO's at $250,000 that they are only going to take the $340,000 BPO !!!!! WHAT?!! They approved this last year at $250,000. I talked to him for 20 minutes - round and round in circles - and he says he couldn't escalate further. Local congressman tells me he can't get involved in contract situations.
HELP! File to be shut down in Equator today !!!

I'm sick to my stomach ...

Permalink Reply by YOUSUF CHOUDHRY on July 2, 2010 at 6:35pm

Thanks,Paola, I did try that, I counter them back twice also cc to Manager and AVP guess what!! short sale is declined,wiped out from the equator,and got email from the negotiator saying that can be accept anything lower than their counter,initiate short sale agian when you have a new offer for their price!!!!!!!!!

Paola Lopez De Armentia said:

The reason why you are getting that is that some negotiators are better then others. They ask for everything to see what they can get. Counter back and say $0 cash and $0 note. and See what happens if they say they cant move forward without those then escalate because you know they were willing to do it without it. Also, you can get it approved at the same price as before, just counter back with the price the buyer is wiling to pay. They are not in a good position because you already know what they are willing to do. Remember stay firm, and if the negotiator is sticking to what hes asking for simply escalate.

Permalink Reply by Claudia Carignan on July 6, 2010 at 12:58pm

Yosuf - I have the same issue and the original approval was for $30K, the buyer walked by the time the approval came because the A/C unit was stolen. New buyer and now they want $12K more. After going back and forth from $40K to $28K(new offer), they sent me (through Equator) the amount of the offer - we agreed to it, then 4 days later I get a counter-offer for $36K. Countered back at $28K and today I get a new counter-offer for $40K, and a response saying she(the negotiator) is not sure who keeps changing the numbers but they want $40K. Called the Executive offices and they were of no help. Any suggestions, it will be greatly appreciated.

Permalink Reply by YOUSUF CHOUDHRY on July 6, 2010 at 6:51pm

Claudia,I can understand the feeling,sounds like BOA is not willing to accept a lower offer,as I mentioned in my case they declined the offer and my file has been deleted completly from the equator means I have to reinitiate the whole process again,fight for it or you can tell them that you have to relist the property again and wait for the higher offer see if they get lucky and how long it takes!!!!Good Luck,

Claudia Carignan said:

Yosuf - I have the same issue and the original approval was for $30K, the buyer walked by the time the approval came because the A/C unit was stolen. New buyer and now they want $12K more. After going back and forth from $40K to $28K(new offer), they sent me (through Equator) the amount of the offer - we agreed to it, then 4 days later I get a counter-offer for $36K. Countered back at $28K and today I get a new counter-offer for $40K, and a response saying she(the negotiator) is not sure who keeps changing the numbers but they want $40K. Called the Executive offices and they were of no help. Any suggestions, it will be greatly appreciated.