I have a short sale with BofA in the Islands in Gilbert Arizona. This area has two types of homes, Waterfront properties and other homes not located on the water. My clients home isn't on the water and therefore not worth as much.
I have this home under contract for $220k and per the comps in the area (Not including the Waterfront properties) the BPO should have come in around $230k. The BPO they are working on came in at $350k This file has been assigned to three different negotiators and the first one countered my offer at $320k, the second countered at $330k and now I got a new counter today from the third one at $350k.
This home was bought in January 2007 for $380k, so by going by this BPO the value of this home has only gone down by 7.89% while most of the East Valley of Maricopa County has gone down 40 to 50%. BofA is asking to NET $314,704.94 with their latest counter offer, when my clients balance on February 1st, 2010 was only $273,648.53........are they trying to make money on this Short Sale? Can anyone make sence of this for me.
Also does anyone have a phone number for high ranking person in BofA's Short Sale Department?
Thanks
Oskar M Jonsson
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Bad BPO. It happens. Send them over a full blown analysis and see what you can do to dispute the value based on facts. Keep pushing the issue. If that doesn't work you may very well have to place the property back on the market at the higher price then reduce every week to 10 days until you get it under contract again. Then resubmit. BPOs are only good for 60-90 days. You just have to keep working it.
Oskar.. story is very similar to mine - - though I'm the buyer - we offered 40K above list price on a short sale and seller accepted. Waited for the banks response, and they responded 100K higher than our offer - which was ridiculous - because the previous sale of this property was about 65K less than the bank's offer. It seems to me that they are trying to make money on these sales..
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