BOA short sale-cash offer declined

I am the buyers agent...LP was $224,332...Cash offer: $190,000...2 days after makng offer buyers and I go by property- field services is drivng out - with copper pipes!! Water drippng in basement from pipes ripped out. LA comes back with: Change offer to $187,000-compensate $3000 for pipes. (Estimate included; police report filed with BOA) Appraiser from out of town (hour away) appraises the house at

$225,000 - LA and myself have included comps that reflect the property needs work (roof, bath, floors)and the exact same house completely (roof, bath,floors, kitchen) redone sold for $221,000 less than a month ago.Another sale nearby was $187,000. LA again sends in comps, police report, estimate to repair pipes;negotiator counters with $205,000- buyers say $193,000 BUT want $3000 back at closng for pipe repairs (as agreed).Negotiator tells LA he'll have to speak to manager but we never hear from him again. Now -Friday aftenoon LA says the filed is "denied" and closed. (Suprise!)

Buyers can close tomorrow but will not go higher than that since the house needs so much work-HELP!!

Advice??!!

Replies

Kimberley Kelly December 8, 2011 at 2:31am

Re-submit an entirely new package. Dump that negotiator and stop fighting them. Request to close, then tell LA to re-submit. You might try the Escalation contacts below..good luck.
Toni Campbell December 5, 2011 at 12:59pm

B of A like all the others would greatly benefit if they would hire Realtors to negotiate! We know the docs and how this works:)
Cate Norton December 5, 2011 at 1:12am

Is this loan owned by Fannie or Freddie?
Jayne Sanders December 4, 2011 at 6:55pm

As a Buyer's Agent you can not interact with the bank. Give the listing agent the following info...it will get things moving

Crystal marie Dingman
VP; MTG SERVICING UNIT MGR I
SIMI – ESCALATIONS

Email: crystal.dingman@bankofamerica.com

Laura L. Marquez
AVP; MTG SERVICING TEAM MGR II
SIMI – ESCALATIONS

Phone: 1.213.345.7726

Email: laura.marquez@bankofamerica.com

Good Luck...Lets us know how it turns out
- Tamara Dorris > Jayne Sanders December 5, 2011 at 7:39am
  
  Thanks for the great contacts Jayne...going in my roledex too!
ALLAN ARTHUR December 4, 2011 at 10:13am

Makes no rhyme or reason...what the banks are thinking except that they have been bailed out, and their decisions are arbitrary and it is just too bad for us who are trying to make a living. The Facts do not matter only they do!

Here is a B of A story that goes the opposite direction…

We had an all Cash offer on a property that is a SS at $330K no appraisal, to close upon acceptance of the SS by the bank. (Keep in mind that this property is a custom built home less than 10 yrs old) a bargain at $330K. B of A came back at under $200K. What is up with that? Property closed at the B of A price!
- Lilibeth Rose > ALLAN ARTHUR July 11, 2012 at 2:36am
  
  That's totally whacky!
Don Duft December 4, 2011 at 6:18am

I would immediately escalate it to their escalation department. A contact I received from a HAMP escalation action is Behrea, Madhu S. 912.239.6511 (9:30 AM to 12 AM ET).
- Peggy Gabour > Don Duft December 7, 2011 at 9:29am
  
  Thank you Don, but it HAMP doesn't advise on Short Sales..
- Randy G. Thompson > Don Duft December 4, 2011 at 7:17am
  
  Absolutely resubmit! You will never get the same negotiator. Also, in friendly way, try to educate the LA.

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