Home Buying in 95687>Question Details

Edna, Home Buyer in Vacaville, CA

Why does a bank do a price drop after the property is still pending? Do I still have a chance to make an offer?

Asked by Edna, Vacaville, CA Sun Jun 17, 2012

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Kamal Randhawa’s answer
Hello Edna,

If you are working with a Realtor, you should contact them right away to see if the listing agent is accepting backup offers. If not, I would be happy to follow up on this for you.

Please feel free to call or email me if I can be of further assistance.

Thank you :)
0 votes Thank Flag Link Mon Jun 18, 2012
So is there a possibility that it is going back on the market? It has a pending status and 2 days later there was a price drop of $120k
0 votes Thank Flag Link Mon Jun 18, 2012
please tell me what property specifically this is for and I will try to find out for you.
Flag Mon Jun 18, 2012
Hello Edna,

Price drops are usually done because the appraised value came in lower than what the offer and/or listing is at. This has happened to me on a few of my short-sales where an offer will come in higher, but the banks value is lower; hence the price drop. Other times I've had banks drop the price instead of paying for repairs (if the property needs them). Most of the time you are welcome to make an offer, but it will most likely stay as a "back-up" offer.
0 votes Thank Flag Link Mon Jun 18, 2012
Edna:

Another reason a price drop could occur while in a Pending state might be a significant finding from a property inspection, or a delay of the Broker's office to change actual status back to Active.

-Steve
0 votes Thank Flag Link Mon Jun 18, 2012
Hi Edna,
I would have to check with the listing agent to be sure but maybe the appraisal came in low and they adjusted the price accordingly. If it's still pending then they are not taking anymore offers.
Thanks, Debbie.
0 votes Thank Flag Link Sun Jun 17, 2012
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