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Do you know if it's a Fannie or Freddie? You can run it through online to find out. I've had both pay up to 3% closing costs.
Everyone probably approaches this a little differently. I would let it ride a few days but I usually base my decision and make recommendations based on where the homeowner is in the foreclosure process. If the homeowner has more time we push more and wait longer for the seller to respond. No matter what, I would not take a contract with terms that you know BOA won't accept, you'd rather set the expectations up front then have them walk later and have to start over. Also I would be sure they are expecting a minimum of 90-120 days for approval.
Don't be bullied into something that is less than acceptable for the sellers (and BOA) especially if there have been tons of showings.
Also, don't submit and offer, submit a contract and only one.
Melissa, Bryant is right. If your offer isn't pretty close to comparable sales, they will just close the file - sometimes without even talking to you. Don't waste the Seller's time with a low ball offer. This does not work with BofA and will waste months of time and they might be foreclosed before you can sell the house.
MeLisa,
I too have had offers come in within only a few days of listing being on the market. I agree w/everyone here you said ONLY accept 1 offer to send to the bank & make it the best for your seller.
Offer Needs to be as close as possible to the comps as BOA may actually do an appraisal not just a bpo as they have done on my listings & they will refuse a low ball offer, I've had it happen & learned that most offers should be countered to at least list or nearest comp, also terms may need to be countered with specific language to protect your sellers best interest. Getting lots of showings and offers is GREAT & means it is a great listing and you will do great! Just needs lots of patience and perserverence! Good Luck!
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