Home Buying in 33702>Question Details

David, Home Buyer in Saint Petersburg, FL

Deutsche Bank accepted my offer of $150k but declined 6% seller concessions. Can I counter?

Asked by David, Saint Petersburg, FL Tue Jan 13, 2009

They claim their max is 1% so I would like to counter 140K and 1%. Would I risk loosing the home?

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I could not figure out how to reply to your questions. I did resubmit the offer at 140K. If they couter once again to 145K or so I will most likely accept. My agent stated she is seeing more and more banks putting caps on consessions and in one case the bank would not allow any,

I hope this time they don't take 4 months to give me an answer. The house is in disrepair and needs work, also since they took so long to accept the offer I will not qualify for homestead exemption, therefore raising my closing cost and my mortgage payment for the year.

I
0 votes Thank Flag Link Sun Jan 18, 2009
David it first depends if there are any other offers pending, ask the listing agent that right away. Once you set a price, it is tough to come down from it. Most banks/sellers will not credit more than 3% of the sales price as that is what most buyers mortgage companies will allow. I have never heard of 1% and i sell Deutsche bank properties, it could be specific for an area, state or to that asset manager. Your first offer nets them $141,000 so i would not nmake an offer that nets them less. you would want to meet them some where in the middle of your offer and their counter. good luck with working things out.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Wed Jan 14, 2009
You can always try, but like Loretta said, for the banks it is all about NET
I have had ONE case were the bank countered, my buyer said no and stuck to his guns and 3 weeks later the bank called us and wanted to know if we are still interested, they would now accept the offer.
But this was ONE deal in all the others, the banks stood like rocks and actually got what they wanted from another buyer
Good luck
Anne
Web Reference: http://www.AnneHensel.com
0 votes Thank Flag Link Wed Jan 14, 2009
Hey there, David--are you trying to negotiate on a bank-owned property with no agent? Yikes...

Once you have set an offer price, your chances of changing it are truly limited--what the bank is looking at is strictly 'bottom line'--net to the bank, after all costs are deducted, including seller-paid concessions. However, any counter offer will negate all prior offers, so if you feel like playing hardball, go for it.

Me, I'd hire an agent to do the negotiating--that's what they do for a living, after all...

Good Luck!
0 votes Thank Flag Link Tue Jan 13, 2009
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