BOA/Equator Counter Offer too High short sale

I received a counter offer from BOA/Equator system about 25% more than offer price. The home is not in good condition and needs a lot of fix around 25K. I am sure BPO doesn't take into account all this facts as condition is subjective to buyer, but it's not in normal condition and therefore sold "AS IS".

Also, home would not appraise anywhere close to counter offer price, seller also knows this and that seller is selling for around 60 cents. The most obvious route is it goes to foreclosure considering the property needs work and only investor will buy to flip it.

I have following questions

1)  Did anyone else had such miss pricing in the BPO counter offer? If so what steps could be taken to rectify the offer?

2)  How difficult is it to get short sale approved when seller is underwater more than 200K on 600K property? what issues are likely to come under such scenario going ahead?

-Tejas

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Permalink Reply by tejas on January 10, 2012 at 11:32am

If they decline, do I get chance to increase the bid or I am done? or what are common pitfalls while bidding to be aware, so that they don't throw you out of the ship?

Permalink Reply by Wendy Rulnick on January 10, 2012 at 1:17pm

Tejas - If the file is closed, then you can submit another offer to the seller. If the seller agrees and it becomes a contract, it will go back to the bank. I would just offer what you are willing to, without messing around. If your price is not acceptable, and you are not willing to pay more, you need to move on.  

Permalink Reply by tejas on January 12, 2012 at 2:59pm

Got email from BOA, 

They said they would decline the offer, if it's not matching Fair Market Value?

Now how to find the Fair Market Value of a property?

-Tejas

Permalink Reply by tejas on January 13, 2012 at 4:05am

Also as I buyer do I have an rights to information? Can I contact the BPO or how can I get further information as to calculation of FMV? or sending them more details?

Sometimes there is all the incentive of realtors on either to be lazy?

-Tejas

Permalink Reply by Jeff Payne on January 13, 2012 at 5:03am

Nope, it is not your BPO, the bank paid for it and they most likely will never give it to you. Your agent needs to be helping you here, they have the same information that the BPO agent got the information from. What does your agent say?

Not even sure what your last statement meant???  Lazy realtors don't get paid so I highly doubt that anyone would think that to be an incentive to be lazy

Permalink Reply by Kevin - Greenville, SC on January 13, 2012 at 5:10am

In most cases you'll find the cost for the BPO and/or Appraisal have been charged to the loan.

Permalink Reply by tejas on January 13, 2012 at 5:46am

So you mean they will charge me for that,

But I won't be able to see how they came up with FMV?

-Tejas

Permalink Reply by Jeff Payne on January 13, 2012 at 6:46am

They don't charge you for that, they charge the sellers lender for it.   Where is your agent?  What does your agent think the value is?  Do you have a number that is the most you are willing to pay?

Permalink Reply by Jeff Payne on January 13, 2012 at 5:01am

Your realtor should be able to help you determine FMV, of course it may be different than what the bank thinks it is.  Make your counter at what you are willing to pay and if they don't take it you may have to move on.

Permalink Reply by tejas on January 13, 2012 at 5:45am

Thx moving on is always an option.

But I darn give a fight before it's over, By Lazy I mean the seller Realtor has no incentive to send BPO Comps, photos etc. She is just saying what the BPO guy is saying. I am sure it will end up in a foreclosure for lesser value than this.

Is there an Option in Equator while doing BPO to take in to account condition of home?

Tejas

Permalink Reply by Jeff Payne on January 13, 2012 at 6:49am

I disagree, the sellers agent does not get paid either if this does not close so so why would you think they have no incentive?  What BPO comps do you want the sellers Realtor to send, they don't have access to the BPO?  Did your agent provide comps to support your offer?  

Yes there is an option in equator to take into account condition of home and a place to make adjustments.

Your agent needs to step up to the plate and stop blaming everything on the listing agent and your agent needs to start consulting with you on this process and the value of the home.....

Permalink Reply by tejas on January 13, 2012 at 7:47am

He already escalated to his Manager,

Guess now

I can't speak to his Manager,

I can't speak to seller relator

I can't speak to Bank

I can't speak to BPO

All access to information is closed, Is this how one buys home?

-Tejas

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