Congratulations on your purchase, apparently the home was worth the extra 10K to you. If you know anyone else that might be listing their home for short sale please have them contact me.
Shelby Tompkins 239-464-2278 Enjoy your home.

Congratulations! The hard part is out of the way. You now know what price the bank wants, if it's only a 10K difference I would say go ahead and run with it. The banks are pretty stuck on their numbers, if you don't pay the extra 10K i'm sure another buyer will.

Just like in a regular sale, you can accept, decline or counter offer the bank's offered price. All of this is done with the time limits set out in writing by the bank when the offer comes through. I have counter offered for my Buyer client and have also declined the bank's offer and resubmitted my original offer and STILL got the property .

I started this question.

All - Thank you for all the responses. We closed the deal back in 2009. We waited 5 months to close since the day we put the offer. We got the short sale letter 2 weeks after the BPO was made. The $10k increase in price came after the BPO was done which we accepted right away (the same day) to avoid delays. All the time waited is not because the bank didn't want to sell the house, it was because the bank didnt have sufficient associates working in shortsales, nobody looked at our case for 4 months, then because all the information requested was in placed it only took one month to process the short sale letter. Follow up from the listing agent to the negotiator is the key. It is even better if the listing agent is your Realtor.

It is very common for the bank to come back with a counter offer after the BPO. If you are O.K with the higher counter offer, you need to discuss with you real estate and loan agent about when you want to close. The bank also puts a closing date in the short sale approval letter so as long as you close before that date you should be fine.

Meena Gujral
Help U Sell Achievers Realty
40083 Mission Blvd, Fremont, Ca. 94539
510-279-9580

If the listing agent priced the property way below the "bpo" or appraised value or the offer you submitted is lower than what the bank is willing to accept, you will get a counter for a higher offer. The number is calculated based on how much the property is appraised minus whatever cost that the bank is going to spend and how much the mininum they will accept as profit (net). They have to get this number in order for them to provide you with a short sale approval. The offer you submitted was obviously lower; it's not meeting with the minimum amount that the bank is willing to accept.

Charita King
Century 21 My Real Estate Co.
562-276-8681

My experience is that they won't take less than the BPO. The good news is that, at least, they ordered a BPO so you could be well on your way.

Good luck!

After you get the counter from the bank and you agree to the terms and come up to their price, it needs to be submitted to the Investor and/or Mortgage insurer for approval. Sometimes this can take a week, some times a few weeks, with the bigger lenders such as Wells Fargo, I have seen this last hurdle take over 30 days. But eventually the approval should be issued and you can go into escow!

It will not be signed off on until everyone, including the lenders, agree on all of the terms of the sale. Do you have a good short sale Realtor?

I am an Expert Realtor in West Palm Beach and Palm Beach, Florida and I am an experienced Real Estate investor.
Since your question was a bit confusing you got many good but varied answers. In myopinion this is the moment to have done a current CMA. Sees whether or not the property you have been waiting to buy is woth the extra $10k based on the 'comps' and based on your desire to purchase it.

Does it have good 'upside potential' for the day you wish to exit from it ? (based on other similar homes).
Do you love it and just want it after your wait? If so, you may not want to risk losing it by countering and having the deal possibly die! (Your Realot, if experienced in Short Sales, should be able to give you a 'feel' for the Seller's Lender's guideline, consistency, past track record in similar situations.
Hope this is helpful. Marsha Montoya Mayer

Marsha Montoya Mayer- Realtor
Paradise Properties of Florida, Inc.
Email: marsha@mypalmbeachrealty.com
Direct Cell: 561-329-0428 website: http://www.mypalmbeachrealty.com
.

Say JR, a shave might be appropriate. SS, well done, congratulations.

Congratulations! My last short sale was 180,000. The bank had come back with a 220,000 counter and I had another agent do a BPO that came in at 185,000. They accepted the original offer.

Congratulations I am glad that you were able to close on the property and hope you are enjoying your new home.

If the lender countered $10,000 more than your original offer, then chances you offered entirely too much.

The BPO-Brokers Price oinion is just that..an opinion. The bank get an offer(extra $10K) and that offer came back in the form of an additional $10K. The solution to make a short workable is to make the right offer to the bank(if it's the lender) or to the mortgage lender perse. When you make thr right offer to the lender,then the shrot sale process can begin. Once you make the short sales offer, this should get the ball rolling for you. Good luck.

ValerieP. Robinson
Senior Mortgage Banker,
Cash Flow Specialist -roker

Short Sales are never a cut and dry process. Each Lender has different time frames and different procedures. Once the Lender has countered you should come back and either accept their offer or close to it if you want this process to end sometime soon.

Also, once they accept your offer often times the final approval must come from the investors within the Lender, which can take additional time.


For more information please visit http://www.charman-associates.com
Paul Shively

You should be right around the corner from a signoff on the short sale. It would be irresponsible for me to give you a time frame.

You could counter offer the bank making a counter is a sign that you are close with that bank anyways. Just counter back and see what happens first. The invesgtors do have a criterion

So your realtor convinced you to spend $10k extra? Who told you that you can't counter-offer with the bank?

congrats on your new home.

we got the short sale letter with a 2 weeks window to close. We had to request an extension of 2 days which was granted with a lot of effort from the listing agent. Based on this experience, these days if you really want the house you can't counteroffer what the bank porposed since the short sale paperwork (from sellers stand point) is very time sensitive and the deal can fall easy. You either take it or pass. After all short sales are possible, howver you don't know where you stand until you get the short sale approval.

Unless you think it's worth paying $10k more, just counter their counteroffer.

BPO = broker's price opinion.

Does the results the bank's BPO concur with the results of your appraisal? If not, then I'd push back and counter with your previous figure or the appraised value (whichever is the lesser). Also, get your agent to go over the BPO with you. It's possible that there are some issues with the comps.

Can someone tell me what is BPO?

Thanks

Your question is a little vague. Did the bank counteroffer 10K? If they approve it, you can close it as quickly as you like. Definately a good idea to get a West Palm Beach Realtor who is experienced in short sales!

If I understand your question correctly, the bank has countered you $10K over your offer price based on the BPO that was done. I agree with several answers that were given which is you could counter the banks offer but that doesn't mean they will take it. You also want to know if their are other offers or back-up offers on the table. While you can get a good deal on a short sale, the bank still wants as much as they feel they can reasonably get.

You could try to counter their counter offer, riskying to get rejected or take their counter offer and be prepared the Short Sale Approval.
chekc with your Mortgage that everything is in order to close in 30 days or less. Most Short Sale approvals are only good for 30 days.

Buy!

What do you mean by "short sale sign off"? Do you mean how long do you have to respond to the bank?
Your realtor should be able to tell you that, based on communication with the short sale negotiator.
Normally they'll give you a few days to a week to respond.

I hope this helps.

Rodney Forbes
Realtor/Broker
Forbes Realty of South Florida Inc
http://SouthFloridaRealEstateReport.com
561-337-4810
Rodney@ForbesRealtyOnline.com

Dear Home Buyer,

It all depends on which bank you are dealing with. I've had the experience in which the lender refused to accept anything less than their BPO, and some others where they accepted the buyer's lower offer.

You should hear soon, as it seems that there is a negotiator on the file and he/she is the direct contact for the offer.

You can search the MLS on my website http://www.LindaBassitt.com (click on "MLS Search") and search by map location, developments, etc. in advanced search.


Linda Bassitt, P.A.
Lowell International Realty Group
Harbour Financial Center
2401 PGA Boulevard, Suite 196
Palm Beach Gardens, FL 33410
Direct Line: 561.313.6961 http://www.LindaBassitt.com

The offer came form the seller's bank

Unknow but you are getting close. Is the counter offer from the investor , Mortgage insurance or just servicer?