Home Buying in 60139>Question Details

Aggie, Home Buyer in Glendale Heights, IL

I submitted an offer on a short sale 2 weeks ago at asking price. This property had already been under contract but supposedly the buyer walked.

Asked by Aggie, Glendale Heights, IL Tue Jun 22, 2010

The listing reads short sale package ready to go and apparently the previous offer/contract had also been at asking price. I received a call today that the bank has come back with a counter offer higher than asking price...not sure what to do

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The best thing I can contribute is there is nothing set in concrete when it comes to short sales unless you can find one that says BANK APPROVED. My daughter purchased her first home as a short sale. It was a bank approved sale and we were able to close in 3 weeks. When my wife and I were looking for a home, we also found a short sale. 6 weeks after putting in an offer and not hearing a thing, we backed out. No penalty in that..just withdrew our offer.
0 votes Thank Flag Link Thu Feb 5, 2015
The thing with short sales that my realtor taught me is that you rarely get them for the "asking price" and that the process is rarely short. If they have counter offered once, know that they may send another counter offer higher than what they've already sent until the bank is satisfied with the loss they are taking.

If you are willing to go higher than what the asking price is, go for it. Otherwise, get out while you can and try your best to stay away from Short Sales unless you are willing to pay more than asking price and have plenty of time to go through the process. FYI, I have a friend that has been going through a short sale for 6 months. The bank keeps re-nogotiating the price.
0 votes Thank Flag Link Thu Feb 7, 2013

Do the recently sold homes in the direct neighborhood support the price they are asking? if so... decide if you want it or not. You can try to negotiage but may or maynot work for you. If the price does support the price they want decide if that is acceptable to you or not.

If the price does not support the price they are asking... have Realtor send bank recently sold homes in the neighborhood to prove why that is unreasonable.

Part of the short sale process is that indeed the bank must agree to all that is presented to them.

Good Luck!!!

Dianne Hicks
HomeSmart Real Estate
Web Reference: http://www.di4homes.com
0 votes Thank Flag Link Wed Jun 23, 2010
Just remember your deal is with the seller, not with the bank! You have an agreement to buy the property from the seller with the contingency that the bank will accept a shortage of payment in full on the sellers note!

The bank can do as they see fit.

As stated if it's still a good deal, buy it, you need to remember, if you make another counter offer you may be put back at the bottom of the negotiators pile, and start all over with the process.

Bottom line, if it's reasonable, buy it! If notho,d your ground and call their (maybe) bluff. Is it worth losing the property over starting over, or is the new offer still a good deal.

Have a good discussion about this with your agent!

Good luck.
0 votes Thank Flag Link Wed Jun 23, 2010
I would ask why they are countering at a higher price when there was previously an approval. You could also counter back at $1,000 over asking or let them know you offer stands as written. Banks have been known to bluff, especially if the values are increasing in your area. Just remember that banks are taking a loss and want as much money as possible. Especially in short sales. It's really vital to take into account what is happening in your area in terms of sales. Also, each bank has it's own style in terms of accepting offers and countering. Get input from the listing agent if possible. Best wishes, Kristne
0 votes Thank Flag Link Tue Jun 22, 2010
What is your agent suggesting and was the property listed below today's market, I wonder--if so you may still be getting a good deal; but before making any decision, review comps--recently sold similar properties in the immediate area, see what the data suggests, then make your determination.
0 votes Thank Flag Link Tue Jun 22, 2010
My best advice...if that higher price is still a good price vs. the market, jump on it. Your agent should be providing you with a CMA on the new price. Banks have lost their minds. I'm not surprised that maybe the bank did come back with a different number. You never know exactly what to expect in a short sale.
Web Reference: http://www.footeteam.com
0 votes Thank Flag Link Tue Jun 22, 2010
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