Home Buying in 29466>Question Details

Chuck, Home Buyer in Charleston, SC

Wells Fargo counter offered my short sale offer at $289K based on their BPO. I couter offered $265K final offer. What are my chances of getting it?

Asked by Chuck, Charleston, SC Fri May 11, 2012

My counter offer is based on two short sales, one foreclosure, and one regular sale for comps in teh same neighborhood.

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Ryan Killian’s answer
Depends. The comps you mentioned - does that represent all of the comps within the last 8-12 months? Are there other relevant comps in other comparable neighborhoods? How long has the house been on the market? Has it been under contract before? The bank has likely already determined how low they are willing to go based on how they view this particular investment, and if it is in a pool of other investments - the real answer may be "I don't know" since it is sometimes impossible to know what the banks are thinking - they are always surprising me. If you don't have a realtor working on this for you I recommend choosing one that can help you. If you have any questions feel free to contact me at rkillian@carolinaone.com or 843.284.3289
0 votes Thank Flag Link Sat May 12, 2012
Are you the buyer? If so, you cannot do much about it apart from counter-offering.

However, the SELLER and his/her agent or short sale negotiator should probably "escalate" the file to a supervisor in Wells Fargo Loss Mitigation Dept to CHALLENGE the BPO value.

Just submitting a counter-offer has little chance of working, since the negotiators usually have tight guidelines for the % of net proceeds/BPO value, and thus little authority to challenge the BPO value.

Alan Donald
The Alan Donald Real Estate Team
Keller Williams Realty
Mount Pleasant, SC
(yes - we do short sale listings!)
0 votes Thank Flag Link Sat May 12, 2012
Did your offer include a contingency giving you the right to cancel if any serious defect was found or were you proactive and have a home inspection prior to making your offer? Do you have a Buyer's Agent representing you, and have they secured a professional negotiator or real estate attorney to work on your behalf? If so, I think you have a good chance of getting it at $265K to $270K if your offer was about the same price per sq. ft. as the 2 Short Sale Comps you used.

0 votes Thank Flag Link Sat May 12, 2012
There is no way to predict what the investor will do. If they don't approve it, you can always have the seller resubmit the file.

Richard Schulman
Keller Williams Realty
(310) 482-0173
0 votes Thank Flag Link Fri May 11, 2012
Each sale is different and what a seller is willing to accept is always a questionable determination. This is even more so with short sales. The bank is already losing money on the house, it's just a question of how much they're willing to write off. When the bank does a BPO they're establishing the value of the property based on recent comparable properties in the area. I've found that banks have no problem denying an offer that is too low. Whenever I'm representing a client in a short sale and we're submitting a low offer I always submit my own comparable properties to justify my price. I'll also compile a list of repairs needed to get the property in a comfortable condition and get a price quote. If you submit this evidence that better supports your offer you will have a better chance of the short sale being approved at the lower price. If you don't already have one I recommend that you find a good Realtor to help you compile this information. If you have any other questions or concerns please feel free to contact me at 843-789-9860 or visit me on the web at http://www.JoshCalvertRealEstate.com. Thanks Chuck! Have a great evening!
0 votes Thank Flag Link Fri May 11, 2012
I would consult your realtor! How recent were your comps? If they closed within the last 90 days, id say it sounds like you've done your research and offered close to fair market value, and those comps would affect your appraisal! Is the listing agent using a third party negotiator to do the short sale or handling it themselves? Is your current realtor experienced and proven in the short sale process and negotiations? Just a few things to think about. Your realtor can attempt to dispute the BPO with better comps, but I just did a short sale with Wells and pretty much what they say goes! They can be hard to deal with. Good luck!!
0 votes Thank Flag Link Fri May 11, 2012
Hum... usually their final is final. However, are there other things involved like are they requesting the seller to pay money at closing or is the seller asking for funding to move (yes can you believe they ask for that)? You never know. Wheres the house? Catherine
0 votes Thank Flag Link Fri May 11, 2012
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