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Bank of America Counter

Licensed Real Estate Broker

Cape San Blas, FL

September 15, 2009

Bank of America after 3 1/2 months has rejected the offer of $180k on a short sale and verbally has said that they would accept $204k. The buyer has now submitted a counter offer form for $185k. Seems to me to be a waste of time.

Should I get the Seller to sign this and submit? Should I have the buyer's agent prepare a whole new contract? Or should I have my Sellers reject it since Bank of America has already given us the price that they will accept? Any feedback would be appreciated.

Licensed Real Estate Broker

Modesto, CA

September 15, 2009

BofA no doubt ordered a BPO or a full appraisal. What was the estimate of value?

Licensed Real Estate Broker

Santa Rosa Beach, FL

September 16, 2009

I have found that BOA is accepting 90% of what they really want. Go for it.

Kelly

Licensed Real Estate Agent

Reno, NV

September 16, 2009

Preston:

I usually Counter at the bank appraised / BPO price -Telling the buyers the agent the bank /seller counters at appraised value. We are representing the seller and their best interest. Along with the potential client next door. It keeps your paper trail and your file clean.

As a buyers agent I would submit at 90 to 92 % of the appraised/BPO.

Licensed Real Estate Agent

Sarasota, FL

September 16, 2009

Call BofA's escation channel @ 800-669-6093.

Have you done your own BPO? Have you PROVED to BofA the real value? Who owns the loan? Are you within their approval ratio, i.e. 85-92% of BPO?

Challenge the BPO. If you're unfamiliar (and I apologize if you're experienced in short sales) with shorts, Banks in MY area receive inflated opinions of value all the time. I commonly have to dispute the "opinion of value."

In some instances, the buyer pays for an appraisal with someone (me) providing the appraiser with all the help he/she might need to make an informed opinion.

Unless you PROVE your buyer's offer falls within the approval range of BPO and investor ratio, your offer is DEAD.

We realtors have to PROVE the offers we send in. At least in my area, do NOT expect the BPO agent or appraisal to get it right.

Good luck. It's damn challenging today to (to try to) help buyers and sellers get short sale approval.

Licensed Real Estate Broker

Las Vegas, NV

September 16, 2009

get a big file. submit with their offer a complete BPO. After a few days have passed , have the Buyer at their expense submit a Full Appraisal, Yes A FULL Appraisal ordered by buyers lender. Banks need to see their loss and future loss by not taking the deal Now. You have to sell your transaction to the asset manager, they have to sell it to their management too. Show your sellers hardship

Licensed Real Estate Agent

Las Vegas, NV

September 16, 2009

I do not think it is a waste of time, I suggest that you send in the Counter, I think that BOA is just trying to get more money so even if is not at $204K the negotiator can go back to his supervisors and show them that he is getting more than the original Offer. I think is a test from BOA trying to get more money for the SS. I have done at least 3 similar deals that was approved. Plus it still has to Appraise with the new HVCC.

Licensed Real Estate Broker

Cape San Blas, FL

September 23, 2009

Hi Everyone,

Sorry for the late response. Thank you for all the great suggestions. I did get my seller to sign and we have resubmitted the offer from customer. And I did build a big file with BPOs. I phoned the assigned negotiator twice, emailed the negotiator twice, faxed the file to them and emailed the negotiator the file.

I was out of the office today working with buyers, but when I returned I found that someone from Bank of America had called my office. That person's suggestion was to not fax documents because they were overloaded, but a better method is to fax the file. They told my office that they would look for my email. They also told my office that they would move to a new system of submitting offers online. So maybe I am making a little progress. I will let you know as I make progress.

Thanks again for the suggestions.

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