Replies to This Discussion

Permalink Reply by S Smith on November 18, 2010 at 8:23am

Anyone have any idea the amt. of time pending for the bank to get back to the prospective buyer/atty?

Permalink Reply by joe beauchamp on November 22, 2010 at 1:26pm

Counters can take less than a day (fairly unusual) to a week to maybe 2 weeks at BOA, from what I've seen.
BOA has a funny thinking pattern - they HAVE to be in charge, so they HAVE to make YOU AGREE to THEIR counter offer, they just can't accept your counter. I find that hilarious because it weakens their real position - it means as an agent, I can give them anything I want for a counter and never have to be serious about it because they are incapable of accepting it. I've learned things about the file this way. In your case, it means that no matter what, you will get a counter. If they like your offer, it could be exactly what you sent them. In any case, they aren't "done" until you hit AGREE - so, really, you (the listing agent) has the power to decide what the deal is, because BOA cannot possibly accept an offer without countering it first.

The approval date is generally what you have on the HUD-1 as the closing date. Frequently, as these go on and on, that date gets to be in the past -- and, yes, these brain dead morons have issued approvals to me with a deadline in the past. They will NOT give you extensions automatically and if there is a sheriff sale nearby, you really need to watch out these days. Generally an extension with no sheriff sale in sight is not so hard, however, it would be a lot better to bypass that by having a decent date out there on your HUD-1 - and closing sooner if/when you can.

Permalink Reply by S Smith on November 23, 2010 at 4:29am

joe beauchamp said:

Counters can take less than a day (fairly unusual) to a week to maybe 2 weeks at BOA, from what I've seen.
BOA has a funny thinking pattern - they HAVE to be in charge, so they HAVE to make YOU AGREE to THEIR counter offer, they just can't accept your counter. I find that hilarious because it weakens their real position - it means as an agent, I can give them anything I want for a counter and never have to be serious about it because they are incapable of accepting it. I've learned things about the file this way. In your case, it means that no matter what, you will get a counter. If they like your offer, it could be exactly what you sent them. In any case, they aren't "done" until you hit AGREE - so, really, you (the listing agent) has the power to decide what the deal is, because BOA cannot possibly accept an offer without countering it first.

The approval date is generally what you have on the HUD-1 as the closing date. Frequently, as these go on and on, that date gets to be in the past -- and, yes, these brain dead morons have issued approvals to me with a deadline in the past. They will NOT give you extensions automatically and if there is a sheriff sale nearby, you really need to watch out these days. Generally an extension with no sheriff sale in sight is not so hard, however, it would be a lot better to bypass that by having a decent date out there on your HUD-1 - and closing sooner if/when you can.

Thanks for responding Joe.

Update: BOA counters yet again (just like you said!) 250k and seller *that would be us* come up with 10k!
Eh, no. Don't think so. So now we are waiting for buyer to come back wih another counter. I don't know if he can go any higher at this point. This is so stressful! The avg. for this area is 250k if that. We have no other offers.
So stay tuned. BUyer can walk by 12/10. if he so chooses with the contract. Thanks again for your help!

Permalink Reply by S Smith on November 23, 2010 at 11:16am

S Smith said:

joe beauchamp said:

Counters can take less than a day (fairly unusual) to a week to maybe 2 weeks at BOA, from what I've seen.
BOA has a funny thinking pattern - they HAVE to be in charge, so they HAVE to make YOU AGREE to THEIR counter offer, they just can't accept your counter. I find that hilarious because it weakens their real position - it means as an agent, I can give them anything I want for a counter and never have to be serious about it because they are incapable of accepting it. I've learned things about the file this way. In your case, it means that no matter what, you will get a counter. If they like your offer, it could be exactly what you sent them. In any case, they aren't "done" until you hit AGREE - so, really, you (the listing agent) has the power to decide what the deal is, because BOA cannot possibly accept an offer without countering it first.

The approval date is generally what you have on the HUD-1 as the closing date. Frequently, as these go on and on, that date gets to be in the past -- and, yes, these brain dead morons have issued approvals to me with a deadline in the past. They will NOT give you extensions automatically and if there is a sheriff sale nearby, you really need to watch out these days. Generally an extension with no sheriff sale in sight is not so hard, however, it would be a lot better to bypass that by having a decent date out there on your HUD-1 - and closing sooner if/when you can.

Thanks for responding Joe.

Update: BOA counters yet again (just like you said!) 250k and seller *that would be us* come up with 10k!
Eh, no. Don't think so. So now we are waiting for buyer to come back wih another counter. I don't know if he can go any higher at this point. This is so stressful! The avg. for this area is 250k if that. We have no other offers.
So stay tuned. BUyer can walk by 12/10. if he so chooses with the contract. Thanks again for your help!

UPDATE AGAIN: Buyer won't go any higher. 235k. Doesn't have any more money! Submitted offer. Now we wait to see what BOA says.
What are the chances BOA will actually take this after the bank's counter at 250k ?

Permalink Reply by joe beauchamp on November 23, 2010 at 11:52am

If you have not already countered, I would say move some things around - different expenses in different fields. If you have already cut everything that you can, then this is not as likely to be useful, if you have not, then making changes coupled with a plus to the negotiator will likely make him counter again. If the net doesn't change and you are just giving a "this is it", then if he has a legit position, he is more likely to deny with insufficient offer. If instead you get another offer and you've done just minor changes, you can see how strong the negotiator is on sticking with his numbers -- you can get a feel for what the net needed is.

A couple of things at work: many negotiators play games to squeeze more $$. If he is doing that, he'll hang in for quite some time repeating offers while you keep saying NO MORE. If he is a decent negotiator, you should talk with him and ask what he needs for the investor. Most good negotiators will tell you to the penny.

Also, if you have tapped out, to move this along, use a phrase like "buyer has maxed out his approval - cannot pay more" and, "Please send this directly to the investor." Those demand attention (from the non-brain-dead negotiators).

Permalink Reply by S Smith on November 23, 2010 at 2:04pm

joe beauchamp said:

If you have not already countered, I would say move some things around - different expenses in different fields. If you have already cut everything that you can, then this is not as likely to be useful, if you have not, then making changes coupled with a plus to the negotiator will likely make him counter again. If the net doesn't change and you are just giving a "this is it", then if he has a legit position, he is more likely to deny with insufficient offer. If instead you get another offer and you've done just minor changes, you can see how strong the negotiator is on sticking with his numbers -- you can get a feel for what the net needed is.

A couple of things at work: many negotiators play games to squeeze more $$. If he is doing that, he'll hang in for quite some time repeating offers while you keep saying NO MORE. If he is a decent negotiator, you should talk with him and ask what he needs for the investor. Most good negotiators will tell you to the penny.

Also, if you have tapped out, to move this along, use a phrase like "buyer has maxed out his approval - cannot pay more" and, "Please send this directly to the investor." Those demand attention (from the non-brain-dead negotiators).

Since I am the seller I can only tell my atty. what to say, the realtor we have is of no help.The realtor uses a short sale atty.that specializes in this.
I hope the buyer's realtor/atty. will say comment to the BOA about his client having no more money to put into this sale.
Actually BOA told us that they send it out to Fannie MAE, the investor of our BOA loan. They are definitely playing games! We will see now with the lousy counter of 235k (not a penny more)......
We were trying to sell for 2 years straight and couldnt get 260 on a good day!