You are in the middle of negotiations and will have to decide what you are willing to pay for the property. You can accept their counter offer or you may re-counter them which would make their counter null and void. You should work with your agent to carefully look at recent comparable sales and determine the fair market value of the home. If you used a standard Florida Short Sale Addendum and did not make any changes to the terms the Seller is free to submit other offers so if their are other interested buyers you may end up not closing on the property.
Another consideration is your loan; if it is an FHA the contract will be contingent on the home appraising for the full purchase price which is another benefit to you as the bank will probably reduce the sales price accordingly. Finally, remember if you qualify for the tax credit you have exactly 20 days left to firm up a contract.
There are some tremendous opportunities currently in Wellington and homes are selling quickly so best of luck! If I can answer any other questions you have please feel free to contact me at your convenience.
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty
You can counteroffer what you want but the Seller should also agree to your counter.
With the impending deadline of the first time homebuyer $8k credit, properties that can actually go under contract before April 30th and close by June 30th are sell "above" market value.
Some listing agents are recommending to their Seller to not try a counter but will merely give you a take or leave it $125k and no closing costs. Then the listing agent can flip the property back to "active" status and the first buyer willing ot pay $125k will get it. With the strong demand right now, you may lose the house to another buyer. If you're hoping to get the $8k FTHB money then you may want to see what else is available before you "pass" on this house.
If u state adding your clossing cost into the short sale offer, u will increase the offer price & the 99% chance is that the bank will keep all increased price. Your negotiator should have told you this.
Let the bank pay all the sellers cost & you pay all your clossing cost.
Good Luck, BUYING
Marsha Montoya Mayer- Realtor
Paradise Properties of Florida, Inc.
Email: email@example.com website: http://www.palmbeachdeal.com
Consult your agent, they should be guiding you.
Craig fialkowski gri,cdpe
Bet you it is 125K - and if so- NO if the bank feels (and they get BPO's to fix value)
the property value is 125K that is what they are trying to get -
Think about it on the flipside - if you owned a home whos value is 125,000 in current market
would you sell it at 120,000 and pay closing, when you can sell it at 125,000 and not pay closing?
If you are wanting the bank to pay a % of your closing costs you are better off accepting their counter offer and just asking for that. For example, if you ask for 3% Seller concessions in closing costs and prepaids, that would amount to $3750 deduct that from $125k and they are actually getting $121,250 for the house. Talk to your lender and see the difference in your monthly payments if you go up the $15K to give them what they want. It should be very minimal. Usually the banks have a # that they need to be at to get the net that they want while still trying to keep the sale of the house in the range of where the market is at the time. Hope this helps!
Take care and good luck...
Gracious Homes Realty, Inc.