Hello Everyone!
First, I want to say that it is a great idea having a Forum like this to support and help each other during the process of dealing with BofA...my experience with them has been very negative and they are always trying to find ways to be sneaky!
It is for this reason that I urgently need your guys' help! I have submitted an offer for selling a condominium via shortsale (equator). Other properties in the same complex sold for $182K via a short sale, but I listed it at $185K. I was able to get an offer from a buyer for $191,500, so I was very confident it would be accepted.
Initially I only filled out the areas with an asterisk and the bank has now submitted a counter offer filling out many other fields...I am unclear as to what they are asking for in some areas, and particularly concerned about a their request for $5K under the "Cash Contribution - 1st Lien" line and $10K under "Promissory Note Amount - 1st Lien"!! Does this mean that on top of the $191,500 offer the new buyer will pay, they are asking my client (the current owner) to pay an additional $10K???
Also, from looking at other people's sample worksheet, I do not see all the additional areas filled by the bank in the counter offer...are they trying to include all those additional closing costs to my client? How do I know which costs are to be covered by the bank deducted form the $191,500 offer vs my client costs? Is it reasonable what they are asking for???
I will greatly appreciate your input and advice as soon as you guys can as the offer expires in the next week. One more comment...my client initially had initially applied for a loan modification, for which he was rejected...based on this and other requirements, B of A had confirmed that my client would qualify for HAFA...my understanding was that the lender was not allowed to request the seller to have any out-of-pocket expenses...am I wrong?
I have attached a copy of the offer below for your quick reference!
Once again, thank you so much for your help!!
Regards,
Teofilo
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