advice needed on b of a equator counter offer

griffin January 17, 2012 at 12:28pm

Well we just gathered a second set of pest reports and repair estimates that were more than the first set. I sent that to my agent to forward to the selling agent. The selling agent said that our offer was rejected before we could submit our new reports and counter back.

Any ideas on what to do now? I am thinking he needs to get a supervisor on the line asap and get some answers. At this point he has not given any details on why it was rejected.

griffin > griffin January 18, 2012 at 2:24am

More details: The selling agent decided to counter at $400k for us BEFORE we sent him the new pest reports. Which led to a fast rejection from bofa. Apparently there was a deadline for the counter that he never informed us of. It was just now explained that the name mismatch was actually between the original offer and the subsequent addendums. I am insistent that the contracts all be re written in the correct name, wait for seller to sign (which may take weeks) and resubmit. Not looking too good.

griffin January 8, 2012 at 6:08am

Unfortunately I have no control over the listing agent. I am wondering if there file is fatally flawed to begin with. the listing agent resubmitted the file using my middle name. his argument was that he used my middle name on all files. of course our offer was written using my first middle last. he thinks its can be cleared up in escrow. Any thoughts on that aspect?

Sheyenne Schultz > griffin January 8, 2012 at 12:49pm

Griffin... I am so sorry. This agent seems to be most of the problem and I DO NOT like to speak negatively about other agents BUT one thing the banks and ANY bank is ADAMANT about is keeping the buyer's name the SAME. There is NO bank out there that will allow a CHANGE of a buyer's name in the middle of negotiations. EVER! This agent should have consistently used your name that was on the purchase agreement PERIOD. The banks work on EXACTLY who the buyer's name is, for your approval letter will come in the form of EXACTLY whose name was on the purchase agreement. It wasn't his decision to make to change it. An addendum with the name change and showing that this is STILL the same person, would have to have been signed by buying and selling side and submitted to the bank for their authorization, so they would know EXACTLY whose name to issue the approval letter in. This file is making me nauseous and I'm not even on either side of it.... Basically,NOW the 2nd time around, he needs to stay consistent with the name that was submitted on the file and NOT CHANGE your name AT ALL at this point.
- griffin > Sheyenne Schultz January 8, 2012 at 2:51pm
  
  He is suggesting that we continue to use my middle name now and straighten it out once the offer is approved by the servicer. Is that what you are advising as well? I obviously have to use my legal name on title. It seems like a simple enough thing to resolve at some point.
  
  The original signed offer and the signed counter offer use my full name & my wife's name. I am actually not even sure where the name inconsistency is...I guess it's in the equator system as entered by the selling agent. We should just have to explain that my wife's name is still the same and to use my full name....right?!
  
  I don't want to put any more money into an offer that is going to be rejected again at the end to due the use of my middle name in the equator system.
  - griffin > griffin January 10, 2012 at 4:15pm
    
    The latest update is that the selling agent says he contacted a supervisor and is waiting for a response. I can't hold my breath on that one so I had new work estimates/pest report done today. It looks like they will be higher than the first set. I am planning to submit the reports to the selling agent to upload to equator and then counter offer back at $400k. The place needs around $150k in pest and structural work.
    
    I am not sure if they just submit the second pest reports in equator or if we need to submit an official counter. I am hoping we can just submit the old counter along with a note. Again the problem being that we want to avoid having to have the seller sign another set of documents. Hoping to just have her sign during escrow.

RoJane Maybee January 8, 2012 at 5:43am

It would appear as though whomever is controlling this file (negotiating it with the bank) is not on top of it. Why would your offer be submitted with incorrect names on different pages? And why is a seller taking a month to sign a counteroffe?. From the sounds of your note, the person controlling this file is not exprienced or on top of it. Submitting to banks means thorough, complete, neat packets of information with consistent follow up and movement. Sounds to me like this file was not a priority with whomeever is working it for you with the banks. I would have a conversation with the listing agent or whomever is negotiating with the bank -- perhaps you need someont new! Good Luck !

Sheyenne Schultz January 8, 2012 at 1:06am

I hate to say this but u never should have folded so easy the first time around. What I mean is, just because Equator/B of A countered at $400,000....this is a first counter....you do not have to accept their first offer. I would have gone up $250, they would have countered you again and they would have come down from $400,000....keep the countering process going UNTIL the bank says they will counter no more. This would have netted you a price at or close to the price you wanted it at. Secondly, the BIGGEST mistake was made the 2nd time around. IF the file got closed out for whatever reason the first time around and you had an accepted price. The 2nd time around, when opening the file...your original price should have been submitted again. The bank would probably have started again at $400,000 and you could have countered lower, etc til you got to your magic price between you two, this would only have taken a couple of days. By submitting the 2nd time around a HIGHER offer to start with? This left the bank coming back on their first offer at a HIGHER price than your first counter. And OF COURSE, because you guys showed them you were willing to start higher at a higher price. Banks will ALWAYS come in higher the first time around. Seems like the listing agent just wanted to get this over with fast. Or your buyer's agent was pushing you to go higher to get it over with fast. I'm afraid this was bungled the minute the file was opened again and a $400,000 OFFER was put in off the bat. This left the bank open to come in with their first offer way higher. If you had come in 2nd time around at $325,000, they may have come in lower second time around or worst case ...at $400,000 THEN you could have accepted the 2nd time around knowing your name needs to be exactly the same on all paperwork and thruout the entire transaction. The only thing you might be able to do here...is agent can contact escalation dept and get a case# and state that you are the SAME buyer as first time around and first offer was accepted at $400,000 just alittle while ago and there is NO way that the property's value has gone up $50,000 in a wk or two. Also in the same instance work up a 2nd estimate...to justify this. Do a VALUE DISPUTE based on the work needed on this property. $250 is much less than paying another $50,000? Submit the other value dispute bid to justify this price and at the same time go up only $250 on your offer and now offer like $400,250. Once bank has your other invoice justifying the amount of work needed, etc and YOUR counter offer of only $250 more and a paragraph stating this was accepted a few wks ago at $400000 and you are the SAME buyer and the VALUE has NOT gone up $50,000 in a matter of a couple of wks...I guarantee you they will either accept your $400,250 offer or something close to it. Hope this helps.

griffin > Sheyenne Schultz January 8, 2012 at 4:45am

Sheyenne,

Thanks for your detailed response. I was not happy when the selling agent resubmitted our $400k offer instead of resubmitting the $325k, but I think he wanted to just quickly get back to where we were. The selling agent is going to try and get a manager on the phone today. If they won't honor the $400k without second estimate then I will probably go ahead and get the estimates done.

Do you think it would be problematic for me to counter back at $400,000 (same as previously signed counter) with secondary pest reports in hand? The problem with countering even $250 higher is that it will require tracking down the seller again. It took her weeks to sign the last one.

And as a reminder, I have to close on this house by the beginning of April 11 weeks from now.

Thanks again for all the help!
- Sheyenne Schultz > griffin January 8, 2012 at 12:27pm
  
  YIKES! Wow...I had no idea you didn't authorize the agent to resubmit your original $325000 offer 2nd time around. If he/she would have submitted the $325000, they STILL would be back to where you are now just as fast. But I can see their reasoning in THINKING that submitting an offer at the formerly ACCEPTED price might move them forward faster. I've thought about this and yes I would COUNTER back at the SAME price for now. BUT, when you do...I HIGHLY recommend adding supporting FACTS that SUPPORT your reasons WHY you are staying at $400,000. And this means, submitting the COMPS supporting this fact, the invoices of items needing repairs and cost of such to fix, and any pics supporting items needing fixing and any other things that may support this cost....crime stats in area, sex offenders, etc... Stand firm for right now but you MUST send in as much SUPPORTING EVIDENCE as to WHY they need to stay AT this price or CLOSE to this price in their new counter to you. AND definitely reiterate to the manager, team leader, VP, SVP, executive review, etc the reasons WHY it needs to stay at this price and remind them it was already ACCEPTED a wk or two ago AT THAT PRICE and there is NO WAY this property is now $50,000 higher in a matter of a couple of wks. Good Luck! This should work.

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advice needed on b of a equator counter offer

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