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

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

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.

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!

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?