NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Then the buyer stands aside as the lender attempts to impose a lower value based on a fiat appraisal and 'renegotiates' the price lower. How do you think the seller feels? Cheated? Be aware, if the appraisal comes in higher the negotiated price NEVER increases. Yep, the seller just might feel cheated.
And when the buyer misses the closing date, blames lender, and seller is threatened with the deal for the home they are buying and the home they are selling falls apart. How do you think they feel? Cheated?
Then comes the 'buyers sole discretion' clause in most purchase agreements. This if for the sole purpose of allowing a do-over for the buyer while the seller inherits the liability. Once more the SELLER is the one who is 'cheated.'
The process is so biased in favor of the buyer, for a buyer to express a protest reveals they truly do not understand the process. When there is a lack of understanding, it human nature to look for someone else to blame. Buying and selling real estate involves negotiation. What you are experiencing is what negotiation looks like.
Your options...raise the offer..it you want the place.
Affirm or resubmit previous offer.
Submit a modified offer.
Submit lower offer.
With draw offer.
But you must understand, the dance isn't over yet.
There may or may not be another buyer. If their is, and you want the place...let the pros battle for you. Second guessing him/her isn't going to serve you well. Rely on the guidance of YOUR agent.
Best of Luck.
The listing agent isn't the seller, it's the Relo company.
Hopefully you are working with a buyer broker and not the listing agent themselves who regardless of whatever they may say to you will always favor the Relo company as they supply a steady stream of business that they won't jeopardize.
Put aside the fact that the other offer is coming from the same company, that really shouldn't matter though with some companies it does. Note this isn't illegal it's simply sleazy; and these companies should be held accountable for their actions and vilified on social media sites until they learn that their actions have repercussions. If you're willing to pay more then make your best and final offer and put a 24- 36 hour time limit on it,. I don't know whether your original offer had an expiration date/time on it but all offers should be time limited and not open ended.
Hope this helps.
I would love to advise you, given that I've never met your or seen the condo, and so my advice is: if you don't trust your real estate agent, submit your final and highest offer tomorrow before 3pm. If you trust your real estate agent, take their advice.
All the best,