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Mrquestion, Other/Just Looking in Los Angeles, CA

Can I change my offer amount a days after getting accepted?

Asked by Mrquestion, Los Angeles, CA Tue Apr 13, 2010

I had recently put in an offer for a shortsale and was accepted by the homeowner a couple days ago. However, my agent tells me that bank still needs to provide the bank letter. I now have thoughts about the offer price and I want to change my offer by $2500. That should cover the repairs. Can I still do this? My agent had mentioned some sort of adenden?

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Do you mean the bank that is approving the short sale or your bank giving your approval letter?

If you have a contract with the seller (if you have both signed) then you are under contract which is a legal, binding agreement and only contingencies can get you out of the contract. It probably says it's contingent upon a third party (the bank) approval and maybe within a certain amount of time in which case you just have to see if the bank approves the purchase price. Your agent may have written a time frame into the contract. If so, then you have to wait until that time to void the contract IF the bank hasn't responded.

IF the seller has not yet signed a contract with you then you can withdraw your offer and make a new offer.

$2500 in the grand scheme of things on a home is not a great difference in the long run and it's probably still a good deal.
0 votes Thank Flag Link Wed Apr 14, 2010
You might want to consider that California has gifted you with a $10,000 tax credit that you were not expecting, and leave it at that. However, you can in fact modify your offer. It's not as simple as getting an addendum signed by the seller. Ultimately, the bank must accept the bottom line number.
IF YOU DECIDE TO PURSUE THIS, do the following:
1. Document all repairs necessary with an inspection report, photographs, and contractor estimates
2. Submit all, with a signed addendum, to the seller
3. Have the seller submit the entire group of addendum and documentation to the short sale negotiator
4. Time is of the essence. It is easier to get bank approval PRIOR to acceptance of the original offer, rather than after.
Bear in mind that, if there is a backup offer behind you, you may price yourself out of the transaction.
Deborah Bremner
REALTOR, 00588885
Certified Short Sale Professional
Certified Home Retention Specialist
(D) 818.564.6591
TheBremnerGroup@gmail.com
Blogging at: http://TheBremnerGroup.com/blog
0 votes Thank Flag Link Wed Apr 14, 2010
Yes, it's possible, and it's worth fighting for that $2.5K in certain cases. If this is your dream home, then I'd probably not counter. However, if this is an income property, then I might consider countering.
0 votes Thank Flag Link Wed Apr 14, 2010
Yes, it is possible, but the best advice would be not take that risk in this engaging market, keep in mind that getting the offer accepted in today’s market was a great intention, and to try to change the offer amount only cause the homeowner has given you an opportunity is not worth the chance whatsoever. $2,500.00 in actuality is not that expensive in compared to losing the opportunity. Close the deal.
0 votes Thank Flag Link Tue Apr 13, 2010
Yes you would need to submit an attachment to your sales offer make that change. Must be signed by all parties.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Apr 13, 2010
Hello Mrquestion,

With only $2500 at stake I don't think it's worth it. You can always resubmit an offer but at risk of losing the house over $2500 it really doesn't seem worth it. If you think you paid $2500 too much for a house then find another house.



Monique Carrabba
The Carrabba Group
Keller WIlliams Hollywood Hills
mcarrabba@kw.com
(323) 899-2900
0 votes Thank Flag Link Tue Apr 13, 2010
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