BOA Short Sale Counter-Offer...

Asked by Iheartboxers, Denver, CO Thu Dec 15, 2011

We received our first counter offer from BOA (37 days after our initial offer)...they only increased our offer my $5k; house is worth it, we accepted! We didn't sign anything at that time. Now what? That was 3 weeks ago, and yesterday our agent had us sign a Amend/Extent contract with the new purchase price we agreed on. What happens now?

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Ron Thomas, Agent, Fresno, CA
Thu Dec 15, 2011
Did the Addemdum specify the Title Company? or the Escrow dates?
That is what you are looking for; the Escrow is the all-important determining factor:
With it, you are in a Deal, without it, you are still waiting.

It sounds like you should be in a Deal, (under Contract).
If your Agent is not available, you cannot be ignored! Leave her a voice mail that you need guidance; aks her to bring someone else in NOW!

Good luck and God bless
1 vote
Iheartboxers, Home Buyer, Denver, CO
Wed Jan 4, 2012
Just an update: I got my verbal approval on 12/27 and my written approval on 12/28! Closing is set for 02/02!
0 votes
Iheartboxers, Home Buyer, Denver, CO
Fri Dec 16, 2011
I'm guessing that the Amend/Extend form I signed was basically the "in writing" of our acceptance to the counter-offer. I think my agent and also the listing agent was just slow getting this form to me.
0 votes
Todd Patters…, Agent, Fort Collins, CO
Fri Dec 16, 2011
You always need to sign documents when your dealing with a big bank, especially in a short sale situation. A verbal counter or acceptance will not hold water, if someone comes along and offer the bank more for the property that you did, guess what..that verbal acceptance or counter can disappear pretty fast. I learned this the hard way.
0 votes
Linda Grey, Agent, Port Orange, FL
Fri Dec 16, 2011
If your agent is unavailable due to illness or whatever the situation may be you should contact your Realtors Broker (the person above him or her, with whom they hang their license) they should know what is going on with the file or perhaps your Realtor has a team memeber handling files while unavailable you could ask this of the broker.

As already indicated here no one can answer your question correctly because no one knows the complete situation of your offer, call your realtors office and explain the situation I am sure the broker will be able to assist you.

Best wishes!
0 votes
Molly Mosley…, Agent, Columbus, OH
Thu Dec 15, 2011
Short Sales aren't cut and dry. Each one is different. Do you have a realtor helping you? If so you need to make sure they are figuring this out for you. They need to contact the listing agent and give you the information you need. Good Luck. If you are looking for a great agent in your area check out http://www.cdpe.com to find a short sale specialist in your area!
0 votes
Iheartboxers, Home Buyer, Denver, CO
Thu Dec 15, 2011
Yes, I have my own agent. She is currently unavailable due to some personal illnesses, but I'm sure she will return my call as soon as she is available.

I looked at my contact and it states: "AFTER short sale approval (SSA) is issued buyers and their rep will sign an amend/extend contract putting exact dates in place for all deadlines. This amend/extend shall be completed within 48 hrs after short sale approval."

The form we signed didn't have exact dates, it just said "no change", and the original contract just said "SSA+28days" etc.

So the next step is the actual written approval letter?? That would have specific dates right??
0 votes
Sally Grenier, Agent, Boulder, CO
Thu Dec 15, 2011
There is no cut and dried answer with short sales. It can take many months for a short sale to close. It's good that you got a response from the bank on the purchase price. you get short sale acceptance (SSA) it should only be about 30 days after that. (you'd know if you had SSA). Ask your agent when you can expect to get SSA. Hopefully you're working with a Buyer's Agent and NOT the listing agent! Good luck!
Web Reference:  http://www.sallygrenier.com
0 votes
Bill Eckler, Agent, Venice, FL
Thu Dec 15, 2011
Iheart.....

Are you working via the listing agent? Or do you have your own representation? Hopefully it's the later. It's highly recommended that all buyers have their own personal representation to insure their best interests are being protected.

These are questions that should be directed to your agent.....they should be able to obtain the specifics and pass that information along to you. This should be the case, even if you are working through the bank's listing agent.

Good luck,

Bill
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Thu Dec 15, 2011
You will find it moves along faster now. You should be able to close in 30 days unless something pops up.
0 votes
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