Had an approved BOA short sale fall apart in underwriting, immediately uploaded a backup offer same price and terms. New appraisal, now BOA is countering $20K higher than what had just been approved the month prior. Buyer isn't budging. Anyone have this problem and experience with how BOA will respond? This was our 3rd contract Short sale on the house.
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I would counter back at the previously approved amount and include a copy of the previous approval letter. Also include a detailed letter explaining the events. If property values have not increased, send a CMA with comps to back up your claim.
Of course, if the Buyer is willing to offer more money, present the new amount in your counter to the lender.
Just keep swimming! ; )
Thanks Kristy. We are waiting to hear back from the negotiator. Unfortunately my new CMA came back higher than the one from 5 months ago, too.
Their valuation probably expired, new appraiser, new opinion of value... Try their Bank of America valuation dispute process...
Thats exactly what happened, BPO was reaching 120 days so they sent an appraiser out. There had been a number of REO's and short sales that justified the BPO, they are now too old and the recent new construction sales hurt us.