BOA error in counter offer

BOA now admittedly made a mistake in a counter offer to my client. Their previous counter was for our offer price which is $30k away from their original counter. This information is permanent record now in Equator. They have since said that it was an error, and their current counter is back to their previous offer price. However, the counter gave my client until the 14th of this month to accept the counter. Could BOA be held liable for that counter that they previously made?

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Permalink Reply by Steve Early on January 12, 2011 at 6:23am

Hey Pat:

Remember when you were a kid and we did that thing with a baseball bat - you started with one kid wrapping his had around at the fat end of the bat and every other player put his hand above the one already holding the bat? The kid who ended up being last, holding onto the thin end of the bat with his little claw hand got to bat first. Somehow I have a feeling that Bank of America will always be the kid with their little claw hand on the end of the bat. I think if your client accepts the counter they will reject the acceptance of their counter.

 

Permalink Reply by Bryant Tutas on January 13, 2011 at 2:38am
Of course they can't be held liable. It was just a counter offer and a mistake. Until they issue a written approval letter they can do what they want.
Permalink Reply by Kimberley Kelly on January 14, 2011 at 5:06am

I'm with you Bryant.  I just got acceptance from B of A on a Short Sale that is almost 200 days old.  The Seller of course doesn't care any more.  Why so long???  Because B of A kept countering my last 3 buyers until they drove them away.  My current Buyer (#4) offered the EXACT same amount as the ORIGINAL buyer almost 9 months ago.  They accepted.  Their excuse for the delay?  "We thought there was a cloud on the Title..sorry"  I had sent them the clean Prelim at beginning and mid-way.

In the duration of this deal, which I kept pushing because I wanted to LEARN, not because of the commission, which is negligible at this point as I had to kick in $1,000 plus a home inspection to get it done..anyway, during the fiasco, the 2nd note was sold 3 times.  I finally tracked the current collection agency down and got them to send a Demand Letter for the allowed $3,000 from B of A first. 

 

All that time wasted, the home has been abandoned because Seller wwanted to move on with their life, pool is drained, landscape is dead, A/C is stolen, landscape timer is stolen..and they get the SAME amount! 

 

Good news..closing in a week.  Bless me..

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