Question Details

Ari2011, Home Buyer in Farmington, CT

How likely would the bank accept this short sale offer?

Asked by Ari2011, Farmington, CT Wed Sep 21, 2011

I've been going back and forth with this short sale, countering with the bank.
My husband and I eventually had to walk away as we would not go up any higher. As soon as we were to do that, the realtor called and said that they would lower their commission with the bank if we went up a few grand. We decided to do this, and they lowered their commission to make up for the remainder.
Example: Our offer was at 262,000 and they wanted us to come up to 265,000 and the bank was at 270,000, so then we were at 265,000 and they have lowered their commission with the bank by 5,000 so that our offer was sort of like the bank's offer at 270,000

How likely would the bank accept this offer?

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Answers

5
Smart agents. Nice to see folks stepping up in this down economy to assist in putting a deal together for you. I highly doubt that bank wouldn't work with this offer, as long as the rest of the terms are sufficient; loan terms, contingency periods, good-faith deposit, etc. etc. etc. There are of course many other things to take into consideration. Short sales can remain scary for sometime, as banks will sometimes take a higher offer or you may have issues with your lender's appraisal of the property. No reason to get excited until you get the short sale approval letter. Good luck!
0 votes Thank Flag Link Thu Sep 22, 2011
Thanks for wisdom on the subject, we are still waiting to hear back, the first couple times were real quick in countering, the most recent time took almost 2 weeks, and now it has been almost 1 week.
Hopefully this won't take much longer to at least find out
0 votes Thank Flag Link Thu Sep 22, 2011
It sound like you have made a viable offer, however, there is no sure thing where the banks are concerned.
0 votes Thank Flag Link Wed Sep 21, 2011
The old Bromide is that; For there to be a good sale, the Buyer would have been willing to pay more, and the Seller would have been willing to take less.

Unfortunately, the Banks are the exception to this:
They are cold, unfeeling and greedy.

You have only increased about $30-$40 a month but may have hit their sweet-spot: Years from now, you will probably view this deal as a great move. I hope so.

Good luck and may God bless
0 votes Thank Flag Link Wed Sep 21, 2011
Nobody can give you an idea of "how likely" or not they will accept your offer. There is no rhyme or reason when it comes to short sales and banks. I would say the higher the "net" to the bank, the better your odds. But then again...anything is possible. It's not a done deal until you're at the closing table. People have waited months and months...and in the end NOT get the house and it goes to foreclosure. There are too many variables involved.

This is why I tell my clients to avoid buying short sale if at all possible. You might get an "okay" deal on a house, but at what cost? In my opinion, it's not worth the brain damage (from banging your head against a wall, week after week). Good luck!
0 votes Thank Flag Link Wed Sep 21, 2011
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