Replies to This Discussion

Permalink Reply by Steele V. Propp on February 9, 2010 at 10:02am

I have found banks making such judgements in the past. Even though they have no new data it seems that they look at the file and see what the house appraised for maybe 2-3 years ago and simply can't believe it dropped that much.

Or it may just be a negotiating gimmic.

Permalink Reply by Kathleen Sheridan on February 10, 2010 at 5:07am

So, let's suppose it is a negotiating game, and you have sent the best offer that you can reasonably expect to see. The Buyer isn't going to raise their offer, other buyers are offering less, now what?

Steele V. Propp said:

I have found banks making such judgements in the past. Even though they have no new data it seems that they look at the file and see what the house appraised for maybe 2-3 years ago and simply can't believe it dropped that much.

Or it may just be a negotiating gimmic.

Permalink Reply by Steele V. Propp on February 10, 2010 at 5:12am

Let them know it is your best offer and send them data supporting this price. Then it is up to them. They may not do anything for the time being. In that case pull back and perhaps resubmit a little bit down the road.

If things don't come together I always like to leave the door open for the other side. Afterall, things can change. Sometimes very quickly.

Steele

Permalink Reply by Michelle Morgan on April 24, 2010 at 9:29pm

WOW is all I have to say...i goggled a question similar to what you've posted because I am having the same issue.

5 years ago I SWORE I would never do a BOA or Countrywide loan since they have ALWAYS been one of the most difficult lenders to wotk with. When I found out they would be using the Equator system (formally REOTRANS) I was optimistic until the SAME has happened to me and I am currently working 5 seperate files with BOA.

I figured I'd get smart and start lower with the initial offer (because you are able to enter up to 3 offers in a 7 day time frame) and then increase to the actual offer amount. THIS STILL DOES NOT WORK. I have had to counter buyers on several short sale listings and frankly, it is rather embarassing to counter back MORE than the home has been listed for (and been on the market for months). It makes you appear to fellow agents that you are no proficient with these type transactions and leaves your seller's questioning your ability as well.

I feel this is just another tactic of BOA...They shut us out so they don't have to speak with us personally anymore and automate everything to make their lives easier. BOA has been a big part of this overall foreclosure issue and if this is how they choose to operate, we might as well all say FORGET BOA, never take a BOA short sale and just let them finally realize they are the "nail" in their own coffin.

See... I am on my soap box again because they make me so angry. I really feel that a group of Realtors who have had similar experiences (most agents I know have nothing good to say about BOA) should form a petition and take it to Congress and other branches of the Government who are continuing to PAD THEIR POCKETS when they are NOT making an honest attempt to remediate the situation. BOA customers, FEEL FREE TO JOIN IN THE MARCH!!!


I would LOVE to hear from anyone who actually likes to work with BOA!!! I have successfully negotiated 100"s of s/sales and this is just frustrating that they are about 1 in a million...