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Right now I'm just riding the wave to see if they'll lower the price and demand my downpayment back. But I feel I am getting the run around and I have no one to turn to. I wish I could contact the bank myself
Banks dont typically do this stuff in writing. Too much paperwork. You already said your not paying the increase. If your waiting for a $15k increase counter offer, in writing...... its not going to happen. They wont waste their time since you already said no.
The bank doesn't care if you buy it, or not. Its just another file number. It will sell someday.
Its been on the market since last September for the amount the sellers agent claim the bank wanted. It apparently had no movement. Price was lowered in January and still no movement. I was told my offer was the highest bid on it.
As of right now I am not too happy with the way he is handling the situation .I don't think he is helping me fight the battle. Its whatever he is told he relays to me and that's it. So now I feel like a fish out of water because I trust none of them.
He is saying that the bpo came out 15k more than list price and bank wants that instead of list. This house imo doesnt worth it as it needs a roof, no appliances including washer and dryer and it needs extensive updating . The roof is leaking as we speak.
Right now I'm just riding the wave to see if they'll lower the price and demand my downpayment back. But I feel I am getting the run around and I have no one to turn to. I wish I could contact the bank myself
The problem may not be with the agent; does he have any prior experience with short sales and/or REOs (bank owned properties)? Who is talking to the third party? The sellers' attorney?
Do you know who the lender/note holder is? Some are "worse" than others. Most are not from the area and don't have a clue with regard to value; they rely on the BPOs which all too often aren't realistic either.
To give you an example: Last year I had this short sale (sellers came to me) and when I spoke to the note holders, the price they were looking for was highly unrealistic. They said they had had two BPOs and both were just over $400k; they didn't want me to list it for less than $399k in spite of my telling them there would be no takers. I'd send them activity reports, they'd call me why no offers and I kept repeating the same old story: asking price too high for the condition of the house. Finally they had another BPO done (refused to give me the outcome) and we started reducing the price--in small increments (not my idea!). Eventually that negotiator was replaced and now I was able to reduce the price further. Bottom line: the house sold for $302k! Nice location, nice curb appeal, solid house, but needed new bathrooms, new kitchen, flooring on entire first floor, some electric work, etc. They could have had the $$$ at least six months earlier and basically gave $$$ away by being unrealistic (including RE taxes and HO insurance which needed to be paid!), but as was pointed out, this is just another file, and the person handling it isn't losing the $$$; sometimes they just want to look good.
As of right now I am not too happy with the way he is handling the situation .I don't think he is helping me fight the battle. Its whatever he is told he relays to me and that's it. So now I feel like a fish out of water because I trust none of them.
He is saying that the bpo came out 15k more than list price and bank wants that instead of list. This house imo doesnt worth it as it needs a roof, no appliances including washer and dryer and it needs extensive updating . The roof is leaking as we speak.
Right now I'm just riding the wave to see if they'll lower the price and demand my downpayment back. But I feel I am getting the run around and I have no one to turn to. I wish I could contact the bank myself
Not uncommon for the bank to up their price once the BPO comes back. Typically in a short sale the offer is initially approved by the seller, who honestly doesn't care what the price is, they can't walk away with anything anyway and the more offers they can send to their bank, the better....so you have to separate what the SELLER will do and what the BANK will do.
I have an agent friend who is currently working a short sale....had everything agreed to by bank in writing with an expiration date, buyer went ahead with appraisal/inspection/termite.....bank kicked around with their "processing" and let their approval expire so they began their process ALL OVER AGAIN with a NEW BPO, second BPO came back HIGHER than the first one and now bank is demanding the higher price. Its BoA. They are horrible to deal with.
I had one last year where bank came back after BPO and wanted $25k more, house had 10 offers and they all fell apart. Now its been reduced back to what my buyer's original offer was and no one seems to be biting this time.
If you are trying to make sense of what a bank does in a short sale....don't.
Elke, I have none of those answers. My realtor is somewhat a friend who was recommended to me.
My understanding is that they had a bpo done last year which I think came out to 245. Another done in January which came out to 225. House listed for 260 then fell to 245. My offer was 230. They said they did a bpo and bank wants 260. My final offer is list price of 245.
If I do try this again if this deal falls flat, I will seek expereince people or people that can walk me through the steps somewhat.
If I do try this again if this deal falls flat, I will seek expereince people or people that can walk me through the steps somewhat.
The experience of the buyer's agent has nothing to do with the success or failure of a short sale. It's the listing agent or the third party the listing agent is working with that needs the experience. The buyer's agent can't talk with anyone besides the listing agent. Basically I'm saying, your agent could have been licensed just 1 day, and would get as far in a short sale as someone who closes 20 short sales a year.
Elke, I have none of those answers. My realtor is somewhat a friend who was recommended to me.
My understanding is that they had a bpo done last year which I think came out to 245. Another done in January which came out to 225. House listed for 260 then fell to 245. My offer was 230. They said they did a bpo and bank wants 260. My final offer is list price of 245.
If I do try this again if this deal falls flat, I will seek expereince people or people that can walk me through the steps somewhat.
Sounds to me like if you don't agree to 260 then the deal is over.
I had a similar experience with a short sale and a Realtor who worked with the bank on negotiations between us. Basically, I just walked away from the deal because the bank person was asking for too much money in the end.
It looks like its the negotiator that's causing the problem . The package wasn't even submitted to bank at the time I made this. But ill see how things play out.
You are dealing with possible mold remediation and repairs from a leaky roof, house in need of extensive updates, and replacement of major components. I suggest you stick to your original offer and walk away if you have to. Don't get too attached.
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