BAC Short Sale in Baltimore
I need help badly. We've been trying to by a BAC shortsale condo in Baltimore for a year. I have a signed contract from the owner but we can't get anywhere with BAC. The weeks fly by while BAC delays. I thought we were getting somewhere when they assigned a BAC Negotiator based in Simi Valley CA. Multiple voice mail messages to the Negotiator have gone unanswered.
The condo has been appraised three times since Feb 2010. I had one appraisal done and BAC appraised it twice. The appraised value from my appraisal was $275,000. In April we offered $265,000. Last week BAC finally responded on Equator and posted an asking price of $350,000 for the condo. We made a counter offer of $267,000. On Friday that offer was rejected because: " Decline - Insufficient Physical Offer".
Is it possible to talk to someone at BAC and try to convince them to put a market value on the condo? As I mentioned it's impossible to talk to the BAC Negotiator.
My other question is what would happen if we agreed to the $350,000 price. When the property is appraised for the mortgage it will appraise for ~$275,000. Would BAC then lower the price because no one could get a mortgage for the $350,000 sale price?
Thanks for your comments
Roger
The condo has been appraised three times since Feb 2010. I had one appraisal done and BAC appraised it twice. The appraised value from my appraisal was $275,000. In April we offered $265,000. Last week BAC finally responded on Equator and posted an asking price of $350,000 for the condo. We made a counter offer of $267,000. On Friday that offer was rejected because: " Decline - Insufficient Physical Offer".
Is it possible to talk to someone at BAC and try to convince them to put a market value on the condo? As I mentioned it's impossible to talk to the BAC Negotiator.
My other question is what would happen if we agreed to the $350,000 price. When the property is appraised for the mortgage it will appraise for ~$275,000. Would BAC then lower the price because no one could get a mortgage for the $350,000 sale price?
Thanks for your comments
Roger
Replies to This Discussion
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Permalink Reply by Emily S. Knell on
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Yes, you could go that route, accept it, get it assigned to a closer (BAC & Equator will do this automatically once you accept their counter)
Then your due diligence period would start, order your appraisal IMMEDIATELY,,if you're confident enough that NO appraiser in their right mind could possibly appraise for $350K or anything close to that,,then you're all good. You'll turn in your new appraisal to your CLOSER and they will have to approve the file at the Fair Market Value.
OR
Order your own appraisal right now. I strongly suggest you get pre-approved with BofA & pay for your lender to order your appraisal right now. Get it done, get it in! You & your agent needs to BE AT THE HOUSE WITH COMPS IN HAND, know the comps inside & out, so when you meet with the appraiser,,you know your stuff.
**bonus: If you can get it,,,,contact the agents of the recently sold comps & ask for copies of their appraisal reports,,,you can then hand this right over to the appraiser you use for your loan.
I hope this helps. this probably got all terribly screwed up for you because either the listing agent or the buyers agent didn't SHOW UP when BAC sent out their appraisers in their 'valuation' stage & they weren't presented with a Case for Comps. Live & Learn. -
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Permalink Reply by Janet Nation on
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I feel your pain. Have you tried calling the main telephone number and asking for a supervisor (for all it's worth)? I'm assuming you are an agent. Have your comps, appraisal and any other relevant material such as condition and location ready to support your offer. Even if the buyer gave the bank 350K, it's not going to appraise anyway and the buyer won't be able to secure financing so that will be a pointless excercise. I'm curious to see what other advice you are going to get but this one looks hopeless to me. Keep calling for as long as you are willing. That's the problems with short sales, they are often unpredictable and don't make sense. You win some and lose some.
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Permalink Reply by Roger waldersen on
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Emily
My wife and son are currently living in the condo that we're trying to purchase. When the BAC appraiser came to the condo my wife gave him a copy of the appraisal that we had done on 2/22/2010. I don't understand why the BAC Negotiator is asking for $350,000 I don't believe that the BAC appraisal came out anywhere near $350,000. There have been only two sales in the building during the last two years.
Emily S. Knell said:Yes, you could go that route, accept it, get it assigned to a closer (BAC & Equator will do this automatically once you accept their counter)
Then your due diligence period would start, order your appraisal IMMEDIATELY,,if you're confident enough that NO appraiser in their right mind could possibly appraise for $350K or anything close to that,,then you're all good. You'll turn in your new appraisal to your CLOSER and they will have to approve the file at the Fair Market Value.
OR
Order your own appraisal right now. I strongly suggest you get pre-approved with BofA & pay for your lender to order your appraisal right now. Get it done, get it in! You & your agent needs to BE AT THE HOUSE WITH COMPS IN HAND, know the comps inside & out, so when you meet with the appraiser,,you know your stuff.
**bonus: If you can get it,,,,contact the agents of the recently sold comps & ask for copies of their appraisal reports,,,you can then hand this right over to the appraiser you use for your loan.
I hope this helps. this probably got all terribly screwed up for you because either the listing agent or the buyers agent didn't SHOW UP when BAC sent out their appraisers in their 'valuation' stage & they weren't presented with a Case for Comps. Live & Learn. -
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Permalink Reply by Barbara A. Hill on
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Hi Roger
Here is a number for the Office of the President at Bank of America. (704) 386-5681
I would suggest that you give them a call. I have had great success with several deals by going through that Department. However, the Listing Agent for this Property has to be more aggressive with the Negotiations. That might be one of the problems if they are not fighting and proving that the value is not at the $350K.
If you offer the $350K what I have experienced recently is the Banks will ask for the difference in Cash from the Buyer. Not always, sometimes you can bluff them by giving them what they ask for and then re-negotiate down the road but it does not always work.
Hope that helps.
Good Luck!
Barbara Hill
Realty Executives Experts
DRE # 01224529
(909) 367-6895 -
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Barbara
Our agent wants to negotiate but the problem is that the BAC Negotiator will not return his calls. Last week he called her several times but never received a return call. I'm thinking that the BAC Negotiator is not the person to be calling. In the message left on Equator that declined our counter offer it said:
WHAT YOU NEED TO DO
If you feel there is additional information you would like to provide, or if you need additionalinformation, please contact one of our Short Sale Customer Contact Representatives at 1-866-880-1232.
It seems like the BAC Negotiator is not someone who will even discuss the offers and we're wasting our time calling a leaving messages. Is that correct?
Barbara A. Hill said:Hi Roger
Here is a number for the Office of the President at Bank of America. (704) 386-5681
I would suggest that you give them a call. I have had great success with several deals by going through that Department. However, the Listing Agent for this Property has to be more aggressive with the Negotiations. That might be one of the problems if they are not fighting and proving that the value is not at the $350K.
If you offer the $350K what I have experienced recently is the Banks will ask for the difference in Cash from the Buyer. Not always, sometimes you can bluff them by giving them what they ask for and then re-negotiate down the road but it does not always work.
Hope that helps.
Good Luck!
Barbara Hill
Realty Executives Experts
DRE # 01224529
(909) 367-6895 -
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