Home Buying in 90254>Question Details

jami.cw, Home Buyer in Oregon

Can I lower my original offer to a Bank?

Asked by jami.cw, Oregon Wed May 30, 2012

I made an offer on a bank forclosure. I was told that another person was low-balling the bank and I should come in with a strong offer. So I did. The bank countered by lower their asking prince a measly 1,000. I have no plans on raising my offer past what the place is worth, so I'd like to respond by lower my offer 1,000.

Q: Can I lower my second offer from my first? Can I offer the same amount? Or do I have to raise my offer?

Between the realtor and the bank am feeling set up for fleecing.

What's the best way to send my message?

Thank you

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Answers

10
You can rescind your original offer.
You can modify it (have to initial those changes, so all should be in writing).
You can stay put on the amount as well.

However, if the bank countered only 1K lower, this usually means that you either have to accept their
offer or pass on this property (don't waste your time).

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Wed Nov 7, 2012
I suggest you meet with your agent. Generally an offer can be modified prior to acceptance by the seller.
0 votes Thank Flag Link Wed Nov 7, 2012
I suggest you meet with your agent. Generally an offer can be changed prior to acceptance by the seller.
0 votes Thank Flag Link Wed Nov 7, 2012
Hello Jami, you never updated us all with the current status of your offers? I think it is a little foolish to possibly lose the acceptance over $7 dollars a month? Hope it went well and your funded?

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker – Sr. Loan Officer CA only
REO & Short Sale Specialist
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
0 votes Thank Flag Link Wed Nov 7, 2012
Why do you want to lower your offer? What has changed? Are you basing the new lower offer on new comps showing dropping prices or are you just reacting?

What is the best way to send your message? Through your Realtor. Use a coversheet, a Counter Offer, and possibly a CMA.

Yes, you can respond with higher, lower or the same price that you originally offered. What do the comps tell you? You should expect to pay a little under the going price for a bank-owned property.

I assume and hope that you are using a Buyer's Agent that you trust. Ask your agent for detailed comps to justify your offer. I would even share those comps with the Listing Agent when you respond. I do not base the offer price on the list price, because the list price could be too low (and you may miss a bargain) or too high (and you may overpay).

If you do overpay and you are taking out a loan, the appraisal should help give you more information. If the appraisal says you overpaid, then the bank will make you come in with more money, or you can cancel the escrow, or you can try to renegotiate the price.

Do your homework. Then decide how much you want this home.
0 votes Thank Flag Link Thu May 31, 2012
Hi Jami, it is hard to tell..because every transaction can be a different. I would suggest you ask your Realtor to see if they can find out any information from the listing agent to help you make a decision..

I understand you don't want to pay more. However remember if this was the house that you've been looking for ...then you might want to reconsider and not loose it by $1,000. If you are perfectly ok to pass this one and willing to keep looking, then you can counter back with whatever price you want.

Hope it helped. Good luck to you~!
0 votes Thank Flag Link Wed May 30, 2012
I suggest you discuss this with your realtor. It depends on the status of the paper work. Good luck!
0 votes Thank Flag Link Wed May 30, 2012
You can lower your offer. If you do that you may wish to send a message explaining why you are doing so.
0 votes Thank Flag Link Wed May 30, 2012
Skip is right. Until the offer is accepted you can go higher or lower. I've noticed that some banks play "hardball" more than others. I'm dealing with Chase on a short sale and they've been great. However, my short sale with GMAC (Ally) is going bad. They keep trying to squeeze extra dollars any way you can and unreasonable terms. If I were you, I would hold firm with your original offer. Some of those bank negotiators play games, and they just don't get it. Start playing hardball with them and I bet they'll start to bend. Good luck.
0 votes Thank Flag Link Wed May 30, 2012
You can counter their counter offer with any amount you would like.
Good luck,
0 votes Thank Flag Link Wed May 30, 2012
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