Home Buying in 33324>Question Details

sophia, Home Buyer in Oxnard, CA

Can I ask for proof of the Banks counter offer on a short sale?

Asked by sophia, Oxnard, CA Wed May 22, 2013

The property was listed for $75 and agent said they accepted for $90 and later on raised it to $95. Can I have her make another offer or that is not possible?

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First thing is that many agents who are are not experienced with short sale procedure list homes low to attract offers, the price is not set by the bank so when the bank appraises the property and it comes in higher, the bank counters at that market value. NEXT all counter offer should be in writing anyway and should be presented to you in writing, NEVER accept verbal counters or approvals on a short sale make sure everything is in writing. If the bank states they are firm at a price you can make a new offer, but have to be at that price.
0 votes Thank Flag Link Thu May 23, 2013
Good Morning,

And thank you for your great question. Yes you can change your offer until the bank accepts a final offer. However with each offer that is presented by different parties, it extends the closing of the deal. This is why Short Sales seem to take so long.

I always do a comp of the area around the property as to get a feel for the market. Placing a strong offer from the start keeps you in the top of the pile.

Thank you, if you need anything further please feel free to contact me,
Louisa Wright
Global Connections Realty, Inc
0 votes Thank Flag Link Thu May 23, 2013
If they accepted an offer and placed the property in pending sale, they may take your offer as a back-up offer. If they raised the price and the sale is active again, you can place an offer.

Susan Penn, PA, SFR, CDPE http://about.me/HomesForSale_SusanJPennPA
EWM Realtors® | A HomeServices of America Company | An Affiliate of Berkshire Hathaway
2000 Main Street, Suite 103 | Weston, FL 33326 http://www.susanpenn.com
T: 954.306.7337 | C: 954.557.5993 | F: 954.515.0200 | penn.s@ewm.com | http://www.ewm.com
0 votes Thank Flag Link Thu May 23, 2013
Absolutely, you can counter. Banks often need to demonstrate that at least attempts at negotiations were made in order to get the highest possible price. Make sure you understand the comparable sales as banks are doing their homework as far as property values go.
0 votes Thank Flag Link Wed May 22, 2013
Many times Realtors list short sale below market value, just to get things moving>
Of course the Banks will look at the current market, have a BPO( broker price opinion) and decide what would work for them adding and deducting expenses fees and count and cut their losses.
But they may not know specifics, what possibly reduce the value of the property, ( i.e. roof or other functional defects), Make the long story short you can negotiate with banks and if your offer is justified they may accept.
Good Luck!
0 votes Thank Flag Link Wed May 22, 2013
Often banks counter verbally but sometimes they counter via email. The main thing is YES you can counter the banks counter offer. No guarantee they will accept but you certainly can counter.
0 votes Thank Flag Link Wed May 22, 2013
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