All Forum Posts by: Herm M.

But thanks for the advice...I decided that it's not worth it to spend the extra time and take the risk, I'll settle with what I have.

This is what she emailed me:

"The counter offer stands at $285k- $270 is not acceptable. If you do not have an offer for $285k- I am closing this file out. "

I'm gonna go ahead with the $285k...but for future reference, is this the negotiator playing games? Or is she serious?

If anybody read my other thread, you'd know that I convinced the BPO agent to hook me up. I would of been happy with a BPO under 310k. All she told me was "The BPO I turned in was less than your listing price." My listing price was 310k.

So I figured that the BPO was 300-305k.

Well guess what, I found out today from Chase that it was $285k...! So that's why they countered at $285k.

So what should I do? Should I keep negotiating and try to go as low as possible? Or should I just offer $270, see if it's accepted, make my money, and move on?

They've already denied $250k original offer, so it doesn't seem that they'll go that low.

Should my next offer be $270k? Or should I go down to $260k?

Also, the buyer I had at $340k who was willing to pay the difference in case of a short appraisal, they've flaked.

I do have another offer of $345k. But here's where I'm confused:
Will this property appraise for that amount?

The last true comp (same community, same model condo) sold for $335k in July of last year.

Other than that, there's no true comp. There's older properties (built in the 80's) that have similar square footage and beds/baths, which are all at roughly $285k. These are the comps I used to influence the BPO.

Then, there's brand new construction (built in 2009), with similar square footage and beds/baths, which sold recently for $380k.

I'm very curious to know if the $345 would get appraised, because that buyer is not willing to pay the difference in a short appraisal.

And I'm seriously thinking about emailing my title agent and asking for a new HUD at $260k. I got 2 new HUDs today for the purchase amounts of $270k and $285k. However, now that I found out the BPO was $285k, I'm thinking about sending in a new offer of $260k tomorrow.

What do you guys think? Like I said, I just don't want the file to get closed...but at the same time, I want the largest profit margin possible.

The property is in mint condition.

The only leverage I have is trying to say that the HOA of $352 makes this property undesirable by some.

The voicemail pretty much stated that "Our counteroffer stands at 285,000."

The lender countered our original offer (250k) with an offer of 285k. There's a buyer lined-up at 340k. Should I try to cut down the 285k down to 270-275k, and increase profits? Or should we not risk getting denied and/or the file closed, and agree to the 285k?

It might sound like a no-brainer to take the 285k...but I guess my question is more along the lines of: How likely is the lender to deny a cash offer of 270k? 275k?

I don't feel like I'm doing anything wrong.

I'm representing a homeowner to list a short-sale. I have my own buyer (a cousin) who I represent on the buyer's side. Therefore, I'm a dual agent.

My cousin buys the house, and sells it for a profit.

I'm a realtor. How do I go about doing this? I use myself as the agent on deals, and my cousin as the investor.

Some might call it "unethical," oh well.

What is reconciled market value, and how is it calculated?

Chase told me that after the BPO, they then do an RMV. I said "what the hell is an RMV, and how is it different from the BPO?"

The guy said something along the lines of "A BPO is what the property is worth, and RMV is what somebody is willing to pay for that property."

Anybody familiar with how RMV is calculated? How would the lender calculate "what someone is willing to pay" if they're not the ones patrolling the offers that are coming in?