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Bank of America Question

Posted by Miriam Bernstein on March 13, 2011 at 1:11am in Short Sale Discussions
I have buyer who is interested in a B of A short sale.  The listing agent about six months put the house on the market way below value at $175,000. and got three offers at 250,000.00 which is way to high.  B of A accepted $250,000.00 but that buyer backed out.  My buyer wants to offer somewhere under two based on condition of the house, etc however the listing agent say everything is online and there is no one she can talk to at B of A.  Any suggetions?  Is this true?

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Replies

  • Jeff Payne March 15, 2011 at 4:30am
    Hi Miriam, Most of the time there is no one to talk to at BofA.  Rarely you can get someone that will actually answer their phone or call you back.  The listing agent should be happy to submit your offer and if BofA does not have a current BPO or appraisal, they will order a new one and base their decision off of the new value.  BofA has been pretty quick to assign negotiators and with any luck you would get one of the good ones who will actually talk to the listing agent about the value of the home and why your offer is what it is... good luck
  • Miriam Bernstein March 13, 2011 at 9:38pm
    Thank you both.
  • Bill Iannelli March 13, 2011 at 4:57pm
    Byrant is right:  Price must be within comps.  Agent can resubmit and request new BPO if first one is 60 days or older they will do another one.  Agent can also send comps to b of a justifying your offer.  If not close on price tell buyer not to waste time on it.  The process is electronic but once the file get's assigned the listing agent can communicate via email on equator.  He or she will have the contact information listed right there on equator
  • Miriam Bernstein March 13, 2011 at 2:00pm
    I get that this is a negotiation between the buyer and seller but is it true that everything is electronic and even after there is a contract in place there is "no one to talk to" at B o A.
  • Bryant Tutas March 13, 2011 at 1:33am

    The listing agent can always call BofA. However it won't do any good unless there is a signed and accepted contract to talk to them about. The ne the deal will have to go through equator.

    Remember at this point negotiations are between the buyer and the seller. So BofA doesn't really have any thing to do with it until an agreed contract price is reached.

    If less than 200k is the Fair Market Value then you should be able to back it up with comps. Send those along with repair estimates over to the listing agent and let him present it to the seller. Make the case. If the offer can't be justified then it is just a waste of time.

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