Morgan Stanley - Investors wanting more than the BPO's

I have a short sale with 1 loan with Morgan Stanley  Our List price is $399,000 and the offer submitted was $359,000.  Our negotiator wanted $370,000 to which the buyers would not come up. So, the negotiator submitted it to investors as is and they wanted no less than $395,000.  I am positive that the BPO's came in closer to $350,000.  My negotiator informed me that he has been seeing the investors require more than the BPO's and mentioned that they are trying to get property market values back up.  I provided comparables, statistics, etc and of course none of it has helped.  Another unit with more upgrades is in escrow around $369,000 (provided that info as well). Has anyone had a similar situation recently?  Any advice? Thanks!

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Permalink Reply by Brent Innocenzi on October 25, 2011 at 7:59am

Have you considered having the buyers get a 60 day sales appraisal? It's much easier to fight value when this is in hand.

Permalink Reply by Smitty on October 25, 2011 at 12:21pm

I agree with Harry.  I was in a similar situation with Chase and DID provide a 30 day valuation.  The only way I could get someone to listen was to write the office of the president, otherwise, I just think Harry is dead on.  Once they realize you may all be walking away, they may change their tune.  I've found USUALLY the first offer is the highest, and then it goes down from there.  Typically for me the second or third offer is the strongest, but if the bank misses out on that first offer, they won't be looking at getting more.  Especially if you are comping it in that $359,000 range.

Permalink Reply by Jeff Payne on October 26, 2011 at 6:34am

Have you escalated to the investor? Might be time to do that.  I have a hard time believing that they actually think they will help the market recover by asking for a price that is not attainable or over market value, probably just the thought of some bonehead that processes files.  I had a BofA rep actually tell me back in 2009 "Don't you know that the market in Florida is actually going back up" 

I do NOT believe anyone who tells me NO or tells me something that I know to be wrong.  You need to find the YES man and get it done

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