Replies to This Discussion

Permalink Reply by Jeff Payne on September 24, 2010 at 6:47am

I am going to assume it was a typo, did you ask the negotiator?

Permalink Reply by Valorie Stover Quality Realtor on September 24, 2010 at 7:53am

Do you mean, you have it in writing on the acceptance letter or was it on the counter offer that they stated that how much they would pay the second? The counter offer can change many times before you get an acceptance. Check with the closing officer not the negotiator. Once you recieve the acceptance letter the closing officer is the one you have to deal with.

Permalink Reply by Lynn Snider on September 24, 2010 at 9:15am

No acceptance letter yet. It was on the counter offer worksheet and an email from the negotiator that stated they would pay $4,000 and the buyer is paying the rest.

Valorie Stover Quality Realtor said:

Do you mean, you have it in writing on the acceptance letter or was it on the counter offer that they stated that how much they would pay the second? The counter offer can change many times before you get an acceptance. Check with the closing officer not the negotiator. Once you recieve the acceptance letter the closing officer is the one you have to deal with.

Permalink Reply by joe beauchamp on September 24, 2010 at 10:14am

Happens all the time - I've had one even counter herself w/o me in the middle - OK, that was one and I've done many - but they can be strange. I've had several counter after I hit AGREE. My assumption is that they got chewed out for not reading the investor guideline - like they don't read 1/10 of the stuff I submit, and they had to go back to me.

If you have a decent team lead or negotiator (unlikely, but it happens), get into a phone conversation with him. Assuming you are serious about being up against a wall, make sure that he is fully aware - you are tapped out, does he have any suggestions? You hate to deny his counter but buyer is done, seller is done, agents are fed up and you are tapped out. What can **we** do? Cordial, matter of fact. Very likely, unless this is a junior pinhead type, he will tell you exactly what he needs. "I've got to net $93,675.28" - and there you have the story. Is it plausible? Did you get the feeling that he really wants to settle the short sale and make everyone happy? If so, you have everything you need for any/all decisions.

I'm assuming your issue is that the 2nd is not with BofA. If your negotiator has been to the "how to rip off sellers and make lots of money for those backroom parties" seminar, then he probably will not tell you what you need to meet for the investor because you are way over it, he's just scamming you. Your best approach, besides going to the team lead, etc. and hoping, is to make it clear that you took an extra step past where you should be just to get this done and you are done - it will be a denial. Any last words or suggestions or should I just go hit the button? BTW, this seller is incensed, so he will be getting the BPO number either right away or in court - I'll be done with this, but I will need to turn over my log of discussions and contacts for the lawsuit. Wish we could have worked this out, but, as I said, I went too far on this, so I'd just as soon kill it as do the deal at this point - just didn't want to disappoint the buyer and the seller. (pause). Did I miss something? Anything we can do to finish this or am I done?

Now, you really don't have to go hit the button, but you've pushed it to where he is sweating if he's scamming you because a lawsuit, or mad participant can easily mean investor awareness that they did not get their money which you sufficiently offered because BofA/this guy wanted to gouge you. Maybe he has a suggestion for you. ;-)

So, yes, it happens all the time and my very first one in equator last year actually had an idiot "negotiator" hit "deny" incorrectly while we were waiting for the then late approval letter. BofA does NOT fix mistakes - resubmit. Yeah? At $30K less and another buyer - idiots. I hope she enjoyed that donut that she had to rush to when she randomly hit that denial button - it was a $30K donut... So, make it perfectly clear to everyone - until that approval letter is in your hand, it is not approved - even if everyone agrees...