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Sc, Home Buyer in Sunny Vale, Aurora, CO

Changing the offer price during a short sale(pending lender approval)

Asked by Sc, Sunny Vale, Aurora, CO Sun Oct 19, 2008

Is it possible to change the offer price(reduce it) based on recent economic conditions? If so what is the process? I have given an offer on a short sale with a time limit of 3 months for the lender to respond and have also given a 3% deposit. Times have changed after I gave the offer and the prices have fallen down. I would like to correct the offer now(reduce 10%) before the lender makes the decision. If I do that Will I lose my 3% deposit? How can I walk out of this offer without paying any penalty/lossing my deposit? The 3% deposit was given to the title company so that the seller's agent does not accept other offers. BTW the seller has accepted my offer which I think is not of importance given this is a short sale. Appreciate your advice.

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It is unfortunate if you are working with an agent (who will get a commi$$ion from the seller) and who is not able to answer this question for you. If you have not removed ALL contingencies, you should not lose your deposit. There are many ways to write a contract (especially on a short sale) that gives my buyers a legal escape route. You should be able to withdraw your offer and submit another, however, you may start the process all over again. It just depends on that particular bank's short sale approval process. They're all different.
0 votes Thank Flag Link Mon Nov 3, 2008
Once you submit your offer and it is subject or contingent upon something else, you may withdraw your offer and should be able to get your deposit returned. It really depends on what your contract states. You should be asking your agent to review the contract with you. If you reduce the price the review process most likely will start over again. It's not as simple as renegotiating with the Seller.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Mon Nov 3, 2008
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