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I agree 100%. I had a conversation with a Chase rep last week who told me that Chase wanted at least $10,000 than the BPO price for a property, that was already WAY overvalued with the BPO.
Any time a lender is pre-setting a price, it's never a good thing. Harry is right.
HAFA guidelines are making a set price. Read the guidelines and then say THIS IS NOT A HAFA SHORT SALE! Then they cannot give pre-approved pricing.
The Initial Appraisal was High, How ever I complied with BofA INCREASED my LP at their request. Mind you this was already after I had started at the request of the seller $100K over priced. At my request the seller gave me complete control of the list price. (in writing). after 3 weeks I lowered the LP by $30K, still no activity, Lowered another $20k, a little activity, a week latter I dropped it $100K below BofA Suggested LP. recieved 3 offers bidding the property over the current LP. Subbmitted the highest and best with my BPO and a record of activity. for the property and the market area.BofA requested another appraisal. came in close to offered price. This made their negotiator very happy! we should be opening Escrow by end of week. Waiting for HELOC approval. I believe that the Banks want to know that you did your best to get them the highest dollar possible for the property. when you do this you win. oh by the way they are paying 6%.
Bank of America has a variety of short sales. There is the Streamlined, which is the newest. The Cooperative. The HAFA. The Preapproved HAFA. Take your pick. If you've got a desirable listing, then letting the bank pick the price is really not so bad. I have a Preapproved HAFA that got bombarded with multiple offers in Sacramento all because the bank picked a price way BELOW market value. So it can work in reverse. Don't forget that.
Elizabeth Weintraub
Broker-Associate #00697006
Lyon Real Estate
Sacramento Short Sale Agent
Certified HAFA Specialist
Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
I presently have two Cooperative short sale listings with Bank of America. I met the apraiser at both properties, provided them with comps, and the list price came in UNDER market value. I had multiple offers from the get-go. The issue I've had lately is getting the approval letter, which was suppose to only take one to two weeks. Other than that, it's nice as you are given a negotiator from the start. A cooperative short sale is done by calling B of A, with your client on the phone, asking for a Cooperaive short sale. First they will try to push the client through HAFA, it they don' qualify (investors don't), then they move on to the Cooperaive short sale, or COOP as they call it. Then they have the client sign an agreement which sipulates that B of A gives the client 120 days to sell the property, or the client agrees to a deed-in-lieu of foreclosure.
I presently have two Cooperative short sale listings with Bank of America. I met the apraiser at both properties, provided them with comps, and the list price came in UNDER market value. I had multiple offers from the get-go. The issue I've had lately is getting the approval letter, which was suppose to only take one to two weeks. Other than that, it's nice as you are given a negotiator from the start. A cooperative short sale is done by calling B of A, with your client on the phone, asking for a Cooperaive short sale. First they will try to push the client through HAFA, it they don' qualify (investors don't), then they move on to the Cooperaive short sale, or COOP as they call it. Then they have the client sign an agreement which sipulates that B of A gives the client 120 days to sell the property, or the client agrees to a deed-in-lieu of foreclosure.
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