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Old 01-23-2012, 05:37 AM
 
1,334 posts, read 1,642,569 times
Reputation: 1574

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Here is the situation I'm in. I was under contract with this house in a short sale last year for about 6 months. We agreed with negotiator on $153k. We were ready to go to closing and I backed out.

I changed my mind about three weeks later and went under contract again with the same house. The listing agent tried to just start it up again with the substitute buyer/previous agreement. BofA was not having it. He had to start all over again and upload all the docs. So now they are waiting on a BPO.

My question to buyers agent, will the price change on the house? She pulled comps and it's about the same as it was last year. FYI, house is in Las Vegas (where prices are still declining over all). Last year bank got a BPO of $170k when the house was listed at $150k. My bank's appraisal came back at $153k, so they approved at $153k.

So I was wondering if anyone had any experiences where buyers held firm at current price during counteroffers? Of course the appraisal is old and I will try to get another one. I know banks have no emotion and will move on quickly if they don't get their price, but wondering about a situation like this. Any thoughts? Thanks in advance.
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Old 01-23-2012, 06:57 PM
 
Location: Rural Michigan
6,341 posts, read 13,259,716 times
Reputation: 10513
Quote:
Originally Posted by timothyaw View Post
Here is the situation I'm in. I was under contract with this house in a short sale last year for about 6 months. We agreed with negotiator on $153k. We were ready to go to closing and I backed out.

I changed my mind about three weeks later and went under contract again with the same house. The listing agent tried to just start it up again with the substitute buyer/previous agreement. BofA was not having it. He had to start all over again and upload all the docs. So now they are waiting on a BPO.

My question to buyers agent, will the price change on the house? She pulled comps and it's about the same as it was last year. FYI, house is in Las Vegas (where prices are still declining over all). Last year bank got a BPO of $170k when the house was listed at $150k. My bank's appraisal came back at $153k, so they approved at $153k.

So I was wondering if anyone had any experiences where buyers held firm at current price during counteroffers? Of course the appraisal is old and I will try to get another one. I know banks have no emotion and will move on quickly if they don't get their price, but wondering about a situation like this. Any thoughts? Thanks in advance.
I've read on another forum that when dealing with B of A counteroffers on short-sales, the best strategy is to move in $250 increments, no matter how high there counter-offer is.

They'll tell you when they're "firm and final", but remember - it isn't their house to sell until and unless they actually foreclose.

They don't HAVE to approve the short-sale, but the seller (and you) don't have to "roll over" to every demand they make. There are lots of lies told by negotiators, lots of "laws" and "rules" are quoted that don't exist except in their own minds. Things are better now than a few years ago, but they still aren't "right" by any means, and pushing back or escalating your case are often the only option when you're dealing with idiots.
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Old 01-23-2012, 09:13 PM
 
Location: Just south of Denver since 1989
11,591 posts, read 31,966,792 times
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Just upload a copy of the current appraisal.
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Old 01-24-2012, 10:31 AM
 
1,334 posts, read 1,642,569 times
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Quote:
Originally Posted by 2bindenver View Post
Just upload a copy of the current appraisal.
Thanks for the replies. Well the appraisal I have showing $153k is from October. Would they accept that?

The other thing is my bank ordered another appraisal (without my approval) on December 2nd. It shows $155k. Of course I want to pay the $153k. But the higher one didn't note in his that the carpet needs to be replaced and interior paint needs to be done. The lower one states that these things come to roughly $3k. Why the higher one didn't note that I don't know. That's huge in my opinion.

My Realtor says we'll give them the lower one, if they have issue with the date show them the higher one but show the difference about the higher one not noting the carpet and paint. What do you think about that route?
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Old 01-24-2012, 03:54 PM
 
246 posts, read 360,411 times
Reputation: 192
We just finished going through a B of A short sale, closing a week and a half ago. We had several back and forths with B of A, waiting weeks at a time to hear back from them. They initially came back a lot higher than where we were, but we largely held fast (very small move up), and after a couple go arounds, taking a couple months, they came down to where we were. Then they tried to rush us to close in less than a week over the holidays. We said no and they agreed to give us our due diligence period. Total process was about 3 months. Our experience is that you just can't assume how the bank behaves will make any sense.
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