Home Buying in 22193>Question Details

Srobles, Home Buyer in 22193

This house has been on the market 353 days (when we saw it 3 weeks ago), the asking price was $129,900. We

Asked by Srobles, 22193 Fri Mar 27, 2009

put in an offer for $130,000. 1st they said all cash offer came in and we were rejected. In about 2 days we were told that offer was not looking good, so we re-submitted. The bank now comes back that they want $143,000 (I think that's what they want to net). So we uped the offer to $135,000. But we feel that there is something wrong here. Can they do this, switch to a higher price at the last minute?

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Carlo Washington’s answer
Same thing happen to one of my short sale listings. We had a ratified contract for 382k. Bank of America performed a full appraisal instead of a BPO and countered at 425k. If it is contingent on bank approval, the bank can accept, counter, or reject the contract.
0 votes Thank Flag Link Tue Jun 8, 2010
BEST ANSWER
This must be a short sale? This is "normal" and the reason is that the bank did not set the asking price. The listing agent (technically the seller, but usually at the advice of the listing agent) set the price. Now, the bank is setting THEIR price - $143K. Remember, on a short sale the asking price is set to attract fast offers, not necessarily to sell at that price. That is different from most any other sale, where the sellers set the price and will sell for that price unless there are competing offers and the price is escalating in a bidding war.
1 vote Thank Flag Link Fri Mar 27, 2009
It can and does happen, probably because the bank did not have the BPOs (Broker Price Opinions) that would satisfy the 3rd party investors. There might have been another factor such as a second lein holder not getting enough payoff to meet its qualifications.

This is one of the reasons that you see the cautions everywhere to be patient with short sales and foreclosures.

Good luck.

Mary Margaret Gates
Realtor, GRI
Web Reference: http://www.mmgates.com
2 votes Thank Flag Link Fri Mar 27, 2009
Wait another year to buy a house, save another 20% on the price. Good Luck
0 votes Thank Flag Link Fri Mar 27, 2009
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