Buyer Walked

Lost latest buyer after home inspection was completed due to extent of required work. So far BPO's have come in near asking price of $360k. BoA has been expecting too much for a property that has roof and other maintenance issues. Anyone have experience with approaching BoA with $30k lower offer with copy of inspection report as evidence that home isn't worth the previous price? I do not want to get another offer and have them walk again for the same reasons. I believe a reasonable offer considering the condition and work required will be $330k but would appreciate knowing how to approach BoA thru Equator if any of you have experience with this. Thanks

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Replies to This Discussion

Permalink Reply by John Treadwell on March 7, 2011 at 3:29am
I would make sure when the next BPO  or  Appraisal is done on a new offer ,you are there with Comps and list of repairs or even a copy of the inspections.  That's how I would get the numbers for the bank to understand the property is falling a part.
Permalink Reply by Lori Young on March 7, 2011 at 3:29am
I had one like this just a week ago.  You have to send the inspection report and copy the valuations, manager and BPO company on the email.  You also should point out this this issue not addressed will cost them thousands in repairs if the house just sits.  Good luck and just push.  I will also help if your seller calls and tells them about the repair and other issues.  Sometimes BOA likes to hear from someone other than the Realtor. 
Permalink Reply by Bob Bridge on March 11, 2011 at 9:20am
Actually if the buyer walked you have to start the process all over again on equator, (BOA will delete the old one off equator once they know the buyer walked). So when a new offer comes in and a negotiator gets assigned just message them about the inspection report and also attach it to the message. Upload comps to the library as well. Also update the property page and put in the comment section the problems that show on the report. Good Luck!
Permalink Reply by Julianne Thorne on March 19, 2011 at 8:15am
At the end of the day, the buyer's lender's appraisal is will be the determining factor. BoA will use that appraisal for value. Unless you think that appraisal will still hit the higher mark, get your buyer's appraisal first. I have done that successfully in the past.
Permalink Reply by Jeff Payne on March 22, 2011 at 10:44am

back up your claims with real comparables.  When the new negotiator gets assigned they will probably order a new BPO, if it is BofA, it will most likely be an appraiser.  MEET THEM AT THE PROPERTY and explain in detail why you have an offer at your price.  Give them DOM details and showing details to show them true market value.  Most appraisers love it and BPO agents too because you are making their job easier

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