Home Buying in Blackstone>Question Details

Sharyn Weir, Home Buyer in Blackstone, MA

I have been in a short sale for a year for a condo .I had to raise my price after 1 year waiting .is this legal.?

Asked by Sharyn Weir, Blackstone, MA Sat Mar 2, 2013

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0 votes Thank Flag Link Sat Mar 23, 2013
Yes, and hopefully you are working with a buyers agent fluent in short sales who is advising you. While you were waiting, what you were really waiting for was a response or counter offer from the bank.
0 votes Thank Flag Link Sat Mar 2, 2013
Hi Sharyn,

Yes. A short sale has to be accepted by the seller and then approved by their lender(s). The lender(s) will have a Brokers Price Opinion or Appraisal done on the property to determine current market value before approving the short sale. The current market value may or may not be the list price and or your offer price. If the lender(s) determines the current market value is higher than the offered price, they will ask for an adjustment to the offer price. At that point, you can agree or walk away.

Shanna Rogers
SR Realty
0 votes Thank Flag Link Sat Mar 2, 2013
Yes, it is absolutely legal. When you make an offer on a short sale you have to negotiate with both the owner and the bank that holds the mortgage. The bank is going to try to get as close to market value for the property as they possibly can, that is their legal duty to their shareholders, they would be negligent if they did otherwise. If this was not the case, buyers could go offer the homeowner a dollar for a million-dollar home and the bank would have to accept that price. I know that is an extreme example, but I think you can see my point.

It is not only legal for the bank to demand a higher price, but they would be remiss in their duties if they didn't depending on how close to market value your original offer was. That's just how it's done.
0 votes Thank Flag Link Sat Mar 2, 2013
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