The biggest problem has nothing to do with the short sale itself. It is the fact that you are working with a realitor instead of a REALTOR. A realitor probably sells reality or perhaps in this case, is unrealistic. A REALTOR helps people to buy and sell REAL ESTATE. I hope this helps.
Ask yourself what is the house worth now. Right now not in March but now. Have the values come back? What are the most recent comps. The lender is only trying to get the best value they can and you would do the same thing if you held the paper on the property.
Again if you held the paper maybe you'd see prices coming back and figure forclose hold and wait. What ever you do don't get all emotional it will ruin you ability to negotiate.
Welcome to the wild world of Short Sales.
You made an offer that was way below market value and the bank rejected your offer and made you a counter offer. Banks are not giving property away. They try to get a market correct price for the house that they sell â€“ whether they are REOs or short sales.
The ball is in your court. Counter the bank back and be prepared to wait for an answer. If your, and your agent, believe that your offer is a good one, go for it. Real estate is a business of negotiation. If your original offer was way off and that is all you are willing to offer, move on. Find another house. But make offers that make sense if you expect to get an answer that makes sense.
There are excellent properties to be found, at good prices, in Brentwood and elsewhere. Your agent should work to enable you to find the one that meets your needs and your pocketbook.
Currently, Brentwood has lot of those. I know, I live in Brentwood. My advice is to find a good Realtor that can help you with the process. Start by reading a few profiles in here. Remember, as the buyer, it doesnâ€™t cost you anything to have a experience Realtor working for you, because the seller pays the buyerâ€™s agent.
I hope this helps.
Meet with your Realtor if you are interested in negotiating. Perhaps there is a way to meet somewhere in the middle. You can counter back, but if you do decide to counter lower they may outright decline the offer. Ask your Realtor if they know the amount of the loss the lien holder will be taking, and if they have indicated what their 'net' number is. They should have this information.
I wish you the best of luck on this. Short sales are a way of negotiating to a good price--but the lien holders are starting to try and get fair market value for the properties. I have had that happen, and it is frustrating.