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EMC

Posted by dlpisa on April 26, 2010 at 4:33am in Short Sale Discussions
I am a buyer at loss with our negotiation process. We have an excellent broker and our seller broker has been a tiger with EMC without results.

EMC's BPO came in at 329K, yet they want 340K and we offered 300K they refused to budge. Our apprasier went out and appraised the property at 300K last week and our negotiator didn't budge, as a matter of fact she closed the file.

Please help us find a higher level, we want this home. We did inspections already and everything.

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Replies

  • Craig Barry April 27, 2010 at 6:19am
    Dear Frustrated EMC Buyer contact me and if you are still looking for negotiation and settlement help maybe I can help you. With the sited BPO value a over zealous agent may be working against you as LM people on the bank side need to be handled carefully. Contact me at Lossmitigationso@aol.com and advise where property is located and a quick overview of the deal. How soon does the property go to sale. Best Craig Barry.
  • Len McGuirk April 26, 2010 at 10:01pm
    First off, inspections should never be done prior to short sale approval, unless it is absolutely necessary.

    Second, the listing agent will need to try and fight the issue with the EMC negotiator or get a manager involved. If the buyer is getting a loan and the appraisal comes in lower than the bank's value, they will lower their approved price in many cases.
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