BoA 15% Offer to Listing Price Rule?????

Question

I am getting conflicting information from various people abotu submitting the initial offer to BOA's equator system.

One person tells me that if your initial offer is not within 15% of the list price (which is a number that you have to type in the system) then your offer will be rejected and not countered by 
equator right off the bat.

I've heard from other that you only have to worry about the 15% rule during the BPO and one can temporarily lower the price at thsi time and not in the beginning to satisfy a low offer,

Anyone have an idea on  which one is true????????

Dale T. · Answer

This is Directly from a B of A Negotiator.

If you do not give them 92% Of the Value it will so NO. I was also told that they will not be doing Actual BPO's but Online and Drive By's. So another words they are going to use Zillow. I have tested this Zillow thing and it is always 92% of that Value.  So good luck with those Deals!

Luiz Souza · Answer

Joaquim,

I do not think Equator has the authority or capability to say yes, no or maybe to your offer. Ultimately the negotiator handling your file is the one that (based on the BPO result) has the authority to either counter, deny or forward your offer to the Investor for final approval.

Account Closed · Answer

Joaquim

I have also heard from several realtors that BofA will not accept an short sale offer less than 15%.