Just got ANOTHER deal on my BOA Short sale and all paperwork was submitted yesterday.. This is our 6th time around on this property.(we did get a few approvals but buyers walked just prior and had to start over again.) This last time around, BOA amazingly approved the deal in a month and closing was set for March 22nd, but the buyers then exercised right to home inspection and backed out. There is about $5000- $10,000 of repairs needed. The new buyers made an offer $10.000 lower than the one that was accepted prior. I sent a letter of explanation with the offer & a copy of inspection report. Do you think BOA will care? Do you think we have a chance? What else should myself & my wonderful title company be doing? AUCTION IS SET FOR APRIL 16TH!! HELP!
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I deal with a negotiator last year on a case where the buyer walked away, we had a offer at $220K but it took almost 6 months to get the approval. I told the negotiator that the buyer walked and he said to try and get another buyer, I told him that the market was declining so fast that another offer could be for much less. He told me that if an offer came in close to $205 with 3% in help max he could approve it.So I listed it at $205K.
We got an offer for $200K with 3% in help and it was approved. This was before everything went into Equator though, and you actually were able to speak to a negotiator. On Equator I've yet to speak with a negotiator, their voice mails are always full and they hardly ever respond to emails.
I'm also in the process of negotiating a $25,000 price reduction due to inspection issues on a BofA deal.
My suggestion would be to get 2 estimates for repairs and send those in with the inspection report. The inspection report alone will not do the trick.