All set to close - Can BoA Reject it now?
We were all set to close. As a buyer, had gone thru the struggles for 6 months of delays, counter offer etc etc.
Lender had ordered the appraisal before approving the loan amount. As its common these days, the value has come out less; appraisal value is nearly 95% of the list price or the contact price we have currently with BoA. Agent thinks that if we go back with the appraisal value, BoA will reject the offer/ it won’t work out/ might forecose ( its their guess… not based on any facts).
By the way, what exactly is rejection? Can BoA just reject it and will not give us an opportunity to give an offer above the appraisal value?
While I don’t want to be “under” from day 1, is it a good idea t bring some money from my side to bring upour offer just above the appraisal value
I don’t know their BPO value. How can LA get the BPO?
In these situations, does BoA will order a new appraisal or BPO?
Thanks again...i know that some of you are in similar situations...Will keep you posted
Lender had ordered the appraisal before approving the loan amount. As its common these days, the value has come out less; appraisal value is nearly 95% of the list price or the contact price we have currently with BoA. Agent thinks that if we go back with the appraisal value, BoA will reject the offer/ it won’t work out/ might forecose ( its their guess… not based on any facts).
By the way, what exactly is rejection? Can BoA just reject it and will not give us an opportunity to give an offer above the appraisal value?
While I don’t want to be “under” from day 1, is it a good idea t bring some money from my side to bring upour offer just above the appraisal value
I don’t know their BPO value. How can LA get the BPO?
In these situations, does BoA will order a new appraisal or BPO?
Thanks again...i know that some of you are in similar situations...Will keep you posted
Replies to This Discussion
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Permalink Reply by Anna on
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Ask listing agent to request value review. On one of my files negotiator advised that difference between BofA appraisal and ours shoul be at least 20% in order for them to review the value (!?) and since in our case it was "only" (!) 14% Bank of America would not reconsider their value. Never had Bank of America disclose BPO value. Once the offer is rejected the entire short sale file has to be resubmitted all over again. I had an approved short sale which couldn't close due to delay with the 2nd approval. After we resubmitted in March we got the response just now, in June...on previously approved sale mind you.. same buyer, same offer...declined btw.. due to "insufficient amount of the offer". Apparently while rest of us in Central Florida experience 2% decline per month in Bank of America short sale land updated appraisal showed that value increased by 20% in three months(!) My suggestion is to definitely explore all options WHILE IN NEGOTIATIONS do not let them decline the file, have LA get hold of the negotiator, manager, team lead - anything goes!! Good Luck
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Permalink Reply by Phil on
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What's the trick 'IN NEGOTIATIONS' ? Jus send emails or have phone communications rather than sending the addendum with the new appraisal value? Hopefully my LA can do that...
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The same thing happened to me, but I was told by the LA that BoA said if we tried to renegotiate the sale amount it could take up to 6 wks because we'd have to start over. We were already approved, going through escrow etc and the appraisal came back at $10K less than agreed on price. To me, after 10 months of waiting it was worth $10K to avoid another six weeks and a possible rejection. Plus at the time the I figured I'd get most of that back with the tax rebate, and it would've extended it past 6/30 if I had started all over. I signed yesterday and am just waiting for the loan to fund and title to be recorded so I can get my keys!!!
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