Home Buying in Boca Raton>Question Details

ca_lexa, Home Buyer in Boca Raton, FL

For a short sale: How much "back and forth" is there typically between bank and first buyer before bank moves on to backup offers?

Asked by ca_lexa, Boca Raton, FL Mon Jul 15, 2013

For example, if buyer and seller agree to $140K, then bank comes back a few months later at $150K, does the first buyer get another crack at negotiating the offer? Maybe comes back at $145K or something like that. Or, if the buyer doesn't accept $150K, does the bank then say "forget you, I'm moving on to the backup offers". How does this process typically play out?

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Answers

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If you are purchasing a home in Boca Raton through a short sale, there is very little, if any back and forth between the buyer and the bank (aka "the third party").

Usually, the bank says it wants more than the price you originally agreed to pay. Since the property is usually under current market value, the bank tends to be inflexible. However, there are instances where there may be a compromise.

The only way is to counter-offer the bank's new offer. But do it immediately and expect an answer back very rapidly. Also, expect the bank to compromise less than you would like it to.

Mostly, be prepared to wait. There is nothing going on until the bank gives its answer. Until then, neither the buyer, nor the seller, nor the agent knows anything at all.

Marc Jablon
Johnson and Johnson Team Realty
561-213-6139
JablonTeam@gmail.com
http://www.JablonTeam.com
0 votes Thank Flag Link Mon Jul 15, 2013
We must understand that the investor has the last word. Sometimes the delay is because the loan is being sold in the middle of the short sale negotiations. And the investor ultimately decide how much will accept.
0 votes Thank Flag Link Mon Jul 15, 2013
Yes, typically the bank takes forever and then they may give you 24 hrs to accept their offer or they will move on. It always depends on the BPO, if the BPO is 150k they will not come down until 30 to 60 days later and no buyer has come to that number.
0 votes Thank Flag Link Mon Jul 15, 2013
Unfortunately, all banks are not created equal and there is no typical or standard process on a short sale. It all depends on the bank, how many offers are on the table, whether they are cash offers or contingent on a loan, etc. Usually, if the buyer is lucky and the bank counters the offer but the buyer doesn't accept the new price, the bank moves on to the next offer.

Best regards,

Nitza Ramos
East Coast Realty
Direct: 954-856-3156
Website: http://www.nrcv.com
0 votes Thank Flag Link Mon Jul 15, 2013
Unfortunately, every bank is different so there is not standard answer to your question. Do you really want the property and do you have the $. Just remember a realtor can list a short sale property at any price they want and most sellers will sign the offer. But it is the bank who ultimately sets the price.

Sincerely,
Patricia Prosje PA
Email: pprosje@bellsouth.net
0 votes Thank Flag Link Mon Jul 15, 2013
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