Short sale saga
Posted under: Home Buying
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November 9, 2008 10:10 AM |
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2 comments
In August, my buyer came to me and asked me to show them a short sale home; I explained my buyer process on short sale homes. I also explained to her that “buyer to be aware” about the lengthy waiting time for banks to respond. She made a cash offer that has been going on four months now. Last week I got call from the listing agent, she said it has approved and she is waiting for an approval letter. A couple of days ago, I received a phone call from the listing agent, she said the negotiator wants my buyer to pay $5,000 more, which made the price higher than the listing price. My buyer is getting fed up with it and is ready to find other home.
Erica Martin
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Comments
I just wrote a post on Rain City Guide referencing this post. You need to explain to the buyer that the "list price" was done when the owner had no idea what the bank would accept, so it isn't the seller's fault that the list price was less than the bank was willing to take.
Another thing the buyer can do is just say no, but not give up on the house. In a few days the lender may say yes. They may be trying to get the best possible price, and that is their job and obligation to their shareholders. Just because the bank doesn't easily agree is no reason to walk away. The buyer can say no to the lender without cancelling the contract.