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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Replies

  • 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.

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