I just wanted to share with everyone here because this is such a frustrating scenario. B of A. My first two buyers walked. The BPO came in $130,000 over FMV. Both of the first offers were for same amount..$850,000. Counter came back at $980,000 and we wont' accept anything less because we have comps to support that.
Third Buyer comes along. BPO will expire within 30 days of this offer. Top offer at $865,000. This negotiator again comes back with "no less than $980,000 due to BPO." I of course, had sent him a packet of comps, property History (I started at $1,050,000). Hard to believe, but this negotiator is sane! We had many e-mail exchanges, several phone conversations. I convinced him that the Investors would be leaving $15,000 on the table if they passed on this and the new BPO will support this offer. Why waste that much time? If I could get them more money (and therefore me more money), why wouldn't I do that? I tried logic...and guess what? It worked!
This negotiator agreed to submit the offer to the Investors and I have an approval within 7 days of the offer submission..all terms agreed to. So..when you get those stubborn negotiators and those over-priced BPO's..remember that there are sane negotiators and it's worth fighting for.
Sometimes, we just need to share our good ones too..
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Great work!
Thank you Kevin!
I love stories like this. I'm trying to do the same on an Ocwen deal right now. If they foreclose they'll be paying an extra $25,000.
I had a BOA deal last year with a BPO that came in at $400,000, List price of $350,000 and after pushing an approved price of $317,000. Lost 1 buyer but convinced them that $400,000 was for NEW properties out of complex and my property was first RESALE. finally worked.
Like pushing a cart uphill in the mud sometimes, right??? Thanks Smitty.