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Need some advice

Posted by Debra Zimmerman on August 9, 2010 at 2:37pm in Short Sale Discussions

We made an offer on a home listed at $149,900 last February.  We have finally received a verbal counter offer from the bank....according to the listing agent .they want $152K to close.   We have not been given a copy of the written offer and the listing agent will not release a written offer or the BPO until she has a revised page 1 of the purchase agreement, changing the offer to $152K.   Not to be overly suspicious but this seems rather advantageous to the seller and her agent.  Is this standard practice?

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Replies

  • Debra Zimmerman August 12, 2010 at 1:43pm
    Thanks to you both. As long as I know this is standard I can live with it. Nothing this listing agent has done so far has been standard or within the MN Board of Realtors guidelines. I guess it's just left a bad taste.......
  • Smitty August 12, 2010 at 10:08am
    I agree with Wendy. I have never seen a BPO released. I have seen a BPO agent tell us a number they were going back to the lender with...but heck who knows.

    It's not advantageous for the seller as the seller likely gets NOTHING at closing. If the seller had a good agent they'll get released of the lien and have no deficiency.
  • Wendy Rulnick August 10, 2010 at 12:33pm
    Hello Debra - It is standard practice for short sale lenders/servicers to only counter offer verbally. Exceptions may be Bank of America and GMAC, who use an online system for counter offers. In those cases, the counter offer worksheet can be printed out. I have never seen a released BPO.

    It seems like you are close to getting your home.
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