When I work with Short Sale Buyers, I always put their needs first. Making an offer that is rejected is just the first "No" to get to a "Yes". You may hit many of these before you get to "Yes", but it is somewhat of a game. If you look at the total money the bank gets out of the transaction, that is what they are more concerned with. Therefore, you may be able to get closing help if you increase the offer price. The point being, as long as the bank gets the equivalent of $240,000, they may not care how it comes in. But if you need the closing help so you don't have to come up with the cash, paying an extra $50 a month for 30 years may not be a big deal.
You have a lot of options to choose from. Talk to your agent about other options. Also, if you are rejected, resubmit your offer in 3 weeks. You may get a different processor and if they don't get any hits, they may reconsider.... more