Have a great property listed short with one loan with B of A..primary residence, Seller not trying for HAFA..slam dunk! But..the darned BPO came in $130,000 over market! It hasn't happened to me often with B of A short sales, usually that's reserved for Chase who I suspect may specifically try to hire Agents that submit high BPO's ???
Buyer #1: Submitted $850,000. B of A countered at $980,000 because that is what the BPO "supports".Buyer didn't even want to counter..too far apart. They walked and I re-listed at $980,000 after submitting my comps and supporting docs and going back and forth to no avail.
Buyer #2: Submitted $851,000. B of A countered again at $980,000 and "has comps to support it." Again, I submit my real comps (BPO is based on surrounding streets and developments..why didn't she use THIS street? Plenty of closed comps....) Again..buyer walks.
Buyer #3: Submitted $865,000..wow! BPO expires 1/6. I have a sane negotiator and we talked back and forth via equator and e-mail..B of A countered at $980,000 AGAIN! OK, I tell my guy, your investors are leaving $15,000 on the table because this home will generate another offer at $850,000 or less when this buyer walks and the file is closed and I re-list and you finally order a CORRECT BPO!
I figured he'd just stick to the $980,000, but he sent me an e-mail, "I am going to submit this to the Investors and let's see what they say.." At least he's giving it a go.
I just like to report on sane responses because so many of them are not. To Be continued...
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That is so disheartening Jeff. The Lenders are ruling the country with their refusal to help turn this housing crisis around by SELLING properties! Follow the money..they are making MORE money by being this stubborn. We just don't see it, but that is what's going on I believe.
Kimberley, It would be nice if they would just listen and at least take a look at your comps. They get so stuck on the appraisal and can not understand that their numbers could be too high.
I have the same issue with BofA on the REO side, they hire their own appraiser who only appraises their properties. He is a good guy but really does not know the market as he only works on REO and usually is pretty far off from market value. It is nearly impossible to get the asset managers to listen. I have one property that is $250,000 over priced, have GOOD comps to show it and also have recieved 3 offers all at or near the real value of the property. That property is now going to be included in an absolute auction and I believe it will sell for less than the offers that we have recieved.