BOA short sale is at month 4 and the bank has requested a seller contribution and the seller countered. Is this promising or a tennis match?

Asked by Bridgette Michel, Glendale, AZ Thu Jul 28, 2011

Help the community by answering this question:

+ web reference
Web reference:

Answers

6
Theresa Cann…, Agent, Mullica Hill, NJ
Fri Jul 29, 2011
Recently completed BOA short sale, my seller did not counter back, stayed at original offer, would not/could not bring money to closing or sign promissory note. BOA tried a counter twice, we stayed firm and they approved. Good Luck, you are getting close, it will be over soon, just be ready to close asap after the approval. Note to realtors: stay firm on your commission percentage, we work too hard and long for these short sales to give it up. The banks are automatically going to try to get you to agree to take less, don't do it. They'll agree to the original percentage if you hold firm.
1 vote
Nicole Veene…, Agent, Twin Falls, ID
Thu Jul 28, 2011
In my experience, BOA always has an initial counter offer asking for seller contribution and often a promissory note. However, it is worth the sellers time to counter once, if not twice to let the bank know they really do not have the funds to bring to closing. Bank of America will then re evaluate and look at the original offer. Don't get discouraged yet, it is good news that the bank has made a counter offer - that's a great step in getting the short sale done!
1 vote
Ronald Shaff…, Agent, Toms River, NJ
Thu Aug 4, 2011
Looks like a tennis match . Like the others have said B of A is trying to cut it's losses. I had a short sale recently blow up for the same reason. The seller couldn't afford to bring any money to the table and B of A switched its bottom number on him. Sorry to hear this is happening to you, you may want to cionsider alternative options.
0 votes
John Juarez, Agent, Fremont, CA
Thu Jul 28, 2011
The seller is still negotiating with the lender. The lender will always ask for more in a hope to cut their loss. The seller can agree or counter in whatever way suites him/her. You do not have a part in that negotiation at this point. Wait and see at this point.
0 votes
Francesca Pa…, Agent, Manasquan, NJ
Thu Jul 28, 2011
Tennis match. BOA has a reputation of being one of the worst in the industry in wokring out short sales.

Good luck!

Francesca Patrizio, Broker Sales Associate
Gloria Nilson REALTORS. Real Living
Francesca@patrizioRE.com
732.606.2931
Web Reference:  http://www.PatrizioRE.com
0 votes
Ron Thomas, Agent, Fresno, CA
Thu Jul 28, 2011
Normally, the SELLER is destitute; that is why they are doing a Shortsale:
So if the Bank knows enough to ask for a contribution, I would not be optimistic.
It might have been a trap.
Lately, only about 25% of SS are going thru.
You should prepare yourself.
0 votes
Search Advice
Search
Ask our community a question
Home Buying in Oceanport Zip Codes

Email me when…

Learn more