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Mary, Other/Just Looking in

SHORT SALE OFFER AND RISING INTEREST RATES

Asked by Mary, Fri Jun 13, 2008

A couple months ago I made an offer on a short sale. Now interest rates are higher and I need to lower my offer to continue to comfortably afford the monthly mortgage. I don't want to have to continually withdraw/update my offer if/when interest rates continue to rise unless that is the accepted method of dealing with this. What are people doing who are in this situation?

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Mary,
There is no easy way to deal with such situation. I had my clients lower the offer as it was taking lenders long time to make a decision and the prices in this particular locations were going down. It really did not delay the process as it was submitted before a negotiator was selected for this sale. Unfortunately, our negotiator lost it and we had to resubmit it. Any additional document sent to a lender increases the chances of the case to be delayed.

So, just send an addendum with a new price and keep calling if they received it. Once negotiator is assigned, make sure that he/she has the document. It is worth trying, however chances are it will not work...
Web Reference: http://www.cimpler.com
0 votes Thank Flag Link Fri Jun 13, 2008
Artur Urbans…, Real Estate Pro in Burlingame, CA
MVP'08
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