Replies to This Discussion

Permalink Reply by Jeff Payne on October 20, 2010 at 2:26am

Yes, we frequently get them to accept the original offer. If your offer represents fair market value, yes they will accept it. I sure hope that you and the seller have adequate representation by a competent real estate agent that understands the short sale process and that the sellers agent has explained to them what the possibilities are of being asked to sign a prommisory note. You really don't have anything to do with BofA asking the seller to contribute, it has nothing to do with your offer. If you do not want or can not pay the extra $3000, then base your counter offer from that.

Permalink Reply by Kent Dills on October 20, 2010 at 2:27am

I've had multiple short sales where we've countered the bank's counter with the original offer and they've approved it. Doesn't mean it will work for you but it might if your offer is going to net them near about 85% of the BPO value! Good luck!

Permalink Reply by Loren Hoboy on October 20, 2010 at 9:27am

First, don't over extend yourself. In this market, there are plenty of other options so be prepared to walk.
What did the BofA Broker Price Opinion come in at? When was it done?
Second, did you have an appraisal done yet at today's price. That can effect their willingness to adjust the price. A price established back in August may no longer be valid. Talk to your agent about their recommended strategies and market value assessment . If the agent does not have the experience or you want a second opinion, get their broker involved to find an expert to help you.

Loren
623-239-6919

Permalink Reply by Janice Whit on October 21, 2010 at 3:07am

Thank you all for you replies! BOA had an appraisal done about 2 weeks ago and they won't tell us what that came in at and I have no idea if the BPO was done or not. We countered yesterday with our original offer and will just keep our fingers crossed that we get good news.

makes me a little more hopeful knowing that others have countered with their original offer and gotten approval. Thank you again for taking the time to reply!

Permalink Reply by Josh King on October 22, 2010 at 4:52am

Do you mind I ask how many loan do seller have ? It took 2 months for BOA to respond your shortsale, is pretty good.

Permalink Reply by Janice Whit on October 25, 2010 at 4:03am

The sellers have two mortgages both with B of A.

Permalink Reply by Nancy M. on October 29, 2010 at 2:34pm

Wondering if you heard anything yet. We have the same situation going on.

Permalink Reply by Janice Whit on November 1, 2010 at 1:40am

They listing agent and our agent both had to cut their commissions in half and the negotiator also cut her fees. Now B of A says that we are within investor guidelines and we have to get investor approval. It was sent to the investor last friday so we are still is wait mode and hoping to close on November 22nd which all parties said was totally possible. We'll see.