Home Buying in Greenwood>Question Details

biagioc, Home Buyer in Greenwood, IN

We are trying to purchase a short sale from Wells Fargo. We offered 299000, they came back at 395000. So we paid to have the house appeased. It came

Asked by biagioc, Greenwood, IN Fri Feb 15, 2013

Back at 350000. So we offered 330000. Wells Fargo came back at 350000 Should we stick to 330000 or counter offer?

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Answers

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If the appraised value is $350,000 the bank may want to get closer to that amount. You have to decide what you feel comfortable with as an offer. Test your counter offer since it is likely that the company will make a decision on your offer before moving on to a new buyer. I have had at least one short sale where the bank was willing to give on seller contribution so its possible they may agree.

Note, however, that with a short sale, the bank has determined a net amount they expect to receive. Don't fight the bank over the $350,000 just because you feel as though you should get it lower than the asking price.

Good luck.

Millie C Lumpkin, CDPE, SFR
Keller Williams Preferred Realty
Orland Park IL
Email: millie.lumpkin@gmail.com
(312) 217-5644
0 votes Thank Flag Link Mon Feb 18, 2013
You are not buying a short sale from Wells, I am betting you are buying it from the owner and the lender is Wells. Wells does not own it and so can not sell it. Wells might have a loan out to the owner on it and the owner is trying to sell it short meaning Wells gets to agree to the sale or not. The appraisal is what they think is the value today and no matter which price they agree on Wells will lose money, so of course they want as much and lose as little as possible. Lenders have the ability to sit back and wait for better offers, My guess is you will get it for less than $350k if you wait and lose it to someone else.
0 votes Thank Flag Link Fri Feb 15, 2013
I do not think that anyone can answer that but you. You can get professional advice from your agent but it all boils down to what you feel the value is and what you are willing to pay. Ultimately, it does not really matter what an agent or seller thinks, or an appraiser. Value is always determined by a buyer. From what you have said you must really like it or you would not paid to have it appraised. There is no right or wrong answer here - just your decision alone on what you are comfortable doing. Best wishes.
0 votes Thank Flag Link Fri Feb 15, 2013
Why are you not listening to your Realtor?
If you stick to $330 you will probably miss it.
What was the result of your Realtor's CMA?
Understand that a $350 Market Value is taking into consideration all the distressed homes that have sold for the last few years, (the ripple effect is still with us.)

5-10 years from now, will you kick yourself, or congratulate yourself, for paying $350?
0 votes Thank Flag Link Fri Feb 15, 2013
Hi biagioc,

It depends how badly you want the house. Since you know it appraised at $350,000 and that's what the bank countered at, if you stick to the $330,000, they may not accept. (Especially if they know it appraised at $350,000). They may just move on to another buyer.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Fri Feb 15, 2013
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