Playing the games with BOA

I'm working on a short with BOA via equator. When I enter in the bid amount, it instantly tells me that the offer is to low compared to their perceived value. I have no clue where they get their values, but regardless, how do I work around this? I'm assuming I can enter a higher value, then later indicate that I can't go that much? What have others done?

Edited: 06/26/2010 at 12:20PM

Vincent Martinez

Real Estate Agent · Bellflower, California

22 posts
140 Influence
1 Award

Icon_minipost Apr 03 '10, 03:15 AM

Hey Mark, I believe they are getting this value from a BPO conducted by a real estate agent. Have you checked comps for the property? If your bid was within a +/- 20% range of the listing price you should be okay.

Edited: 06/26/2010 at 12:20PM

Audley Humes

Real Estate Investor · Jacksonville, Florida

99 posts
822 Influence
4 Awards

Icon_minipost Apr 03 '10, 03:47 AM

Originally posted by Mark Yuschak

I'm working on a short with BOA via equator. When I enter in the bid amount, it instantly tells me that the offer is to low compared to their perceived value. I have no clue where they get their values, but regardless, how do I work around this? I'm assuming I can enter a higher value, then later indicate that I can't go that much? What have others done?

Personally, that's what I would do. If you have a strong case to validate your offer, and can document it you should be able to get a lower offfer than whatever their so called perceived value is. They could be basing their offer off the last BPO that was done. When you get a new Interntor BPO ordered, just make sure you can prove your case.

Edited: 06/26/2010 at 12:20PM by Audley Humes

Mark Yuschak

Rehabber · Grand Blanc, Michigan

713 posts
4946 Influence
10 Awards

Icon_minipost Apr 03 '10, 10:08 AM

A BPO would have never been done. The borrower was current up until this past month.

What have others done to work through this?

Edited: 06/26/2010 at 12:20PM

Vincent Martinez

Real Estate Agent · Bellflower, California

22 posts
140 Influence
1 Award

Icon_minipost Apr 03 '10, 11:23 AM

A BPO can be done for a number of reasons including if the borrower refinanced. A BPO can also be an interior or an exterior in which the resident would have no idea it was done.

Edited: 06/26/2010 at 12:20PM

Steve Babiak

Real Estate Investor · Audubon, Pennsylvania

3895 posts
74586 Influence
14 Awards

Icon_minipost Apr 03 '10, 12:07 PM

Doesn't even have to be a BPO. They can do automated desktop valuations, as they would do for a refi in some cases.

Edited: 06/26/2010 at 12:20PM

Scott Hubbard

Rehabber · Tucson, Arizona

1025 posts
11652 Influence
11 Awards

Icon_minipost Apr 03 '10, 01:34 PM

Just as Steve said. The equator system pulls information from outside sources like county records and third party valuation sources. They have an internal evaluation group as well.

You can get around this system but it is only one of many road blocks you will run into. Unless this property is really worthwhile, I suggest you read the writing on the wall and walk away. There has been much discussion about how difficult it is to work with BOA.

I just completed a BOA deal I started in July and we had to eventually go A to C. It took the better part of 8 months to complete a deal. I had to go to the Senior VP in their Mortgage loan division to get it completed.

I have a few others that I am still working on which I started several months ago and I wish I had never taken them on. Think twice my friend.

Edited: 06/26/2010 at 12:20PM

Mark Yuschak

Rehabber · Grand Blanc, Michigan

713 posts
4946 Influence
10 Awards

Icon_minipost Apr 04 '10, 10:54 AM

I understand how and why a BPO could be done. Sure, they could have done one, but I'm really doubting it for various reasons.

Anyway, back to the original question at hand, what are some ways to work around them instantly denying an offer?

Edited: 06/26/2010 at 12:21PM

Dan Favor

Rehabber · Howell, Michigan

34 posts
298 Influence
2 Awards

Icon_minipost Apr 21 '10, 05:24 AM

Mark, you may have seen this Daily grind but....http://preforeclosuredailygrind.com/2010/03/bank-of-america-short-sales-bait-switch-or-just-incompetent/

Edited: 06/26/2010 at 12:33PM

Mark Yuschak

Rehabber · Grand Blanc, Michigan

713 posts
4946 Influence
10 Awards

Icon_minipost Apr 21 '10, 05:31 AM

I completely forgot to update this thread. I'm working around the issue.

I ended up putting in a much higher offer amount on the initial page. That allowed me to get to rest of the tasks (uploaded 3rd party auth, etc.). Once I got passed those I filled out their version of the net sheet. On the net sheet I put the true offer amount and added comments in the notes section. The offer is currently under review and assigned to a loss mitigator.

I think what I did actually worked (or is working).

Edited: 06/26/2010 at 12:33PM

Dale T.

Real Estate Investor · Troy, Ohio

41 posts
282 Influence
1 Award

Icon_minipost Apr 22 '10, 02:07 AM

BofA uses Zillow and on line evaluations. But it is Mostly Zillow. Bof A wants 92% of that value. I know this because the Bof A supervisor Told me. I have tested this out with Zillow and it is spot on. That is the value you are looking at. So there are no great deals with the equator system. I would look at doing Short sales with other banks

Edited: 06/26/2010 at 12:34PM