Need suggestions..BOA
We got an auction stopped 45 days ago. We have a condo that was part of a new development. All the recent sales in the development are between $425,000-$450,000 and only ONE was sold in the last 6 months. The development was built in 2007 with initial sales of $650,000 and the last sale on record was $425,000 last August - THESE ARE ALL NEW CONSTRUCTION. It's easy to see the decline of the building by price.
We agressively priced when we listed at $350,000 as our unit was the first to be a resale and needed work. We got two offers. One for $315,000 and one for $300,000, which obviously set the tone for the resales out of the building.
I met Appraiser at property with comps in hand. Obviously no comps where from the building because none of the sales were RESALES they were all new construction. I showed 3 comps with values between $290,000 and $360,000 to support my listing price.
The negotiator came back and said they wanted $400,000 for an offer. I was in shock. I pulled EVERY comp in the last 6 months and there were 11 sales based on the same square footage within a 3 mile proximaty. Only 3 were above $400,000 and one was the NEW construction comp and two were surrounded by million dollar properties. I showed all 11 to the negotiator.
He told me to submit 3 for a dispute which I did. They came back and re-countered TWICE at $400,000. Now we are up against the trustee sale again. I submitted the offer for $315,000, but the buyer has since pulled out. I can now submit the $300,000 offer but obviously I'm feeling slightly hopeless about this.
Does anyone have any suggestions? Trustee sale is on the 14th.
Replies to This Discussion
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Permalink Reply by Vicki Lloyd on
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I've heard this explanation before about the MI companies making it better to foreclose than short sale. I've also heard that the servicers continue to receive their servicing fees while dragging out a short sale, even though no payments are being received! I also have to assume then that the lenders' negotiators are dragging it all out to insure their own job security, all the while letting us believe that we have a chance of closing the sale! Disgusting!
Harry Clay said:
The saddest part about it is the fact that so many lenders seem to enjoy yanking all of our chains, & dragging things out for months only to fail in the end, instead of just telling us right @ the beginning that they have no intentions of cooperating, because they already have their bases covered, on this particular transaction.
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Permalink Reply by The Negotiator on
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Vivki, don't let the rumors scare you :)
Smitty, if you are not broke, call your favorite appraiser and have them do one for you. If what you are saying is accurate then the appraisal should be where you want it to be. Submit that to the lender and they will have to seriously look at it because at 300k, the sale would most likely be a financed deal and a mortgage will not cover the full 400k the lender is asking for.
Oh and before you pay for one, call the lender and tell them you "had" an offer for "350k" (?) and then say the mortgage company's appraisal could not come near that 350k for an approved loan. You do this so when they start talking to you about it, you can say, "if you want, I can send you the appraisal." They will say "GREAT!" Then get your appraisal ordered/done asap and submit it.
Good luck
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Permalink Reply by Bob Bridge on
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The negotiator is correct. Get the full appraisal. I've had that happen to me before but once I sent in a full FHA appraisal they started to listen and we closed the deal.
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