Lisa, good morning. I hope things are starting to resolve themselves. I happen to be a short sale specialist. Whenever there is a counter offer, your original offer is no longer in force. The seller, presumably accepted your offer subject to the Bank's approval. The Bank chose not to approve. In the State of California, a new law was passed where Banks Can't act as principals any more (ha ha). This means the Banks technically can't counter offer. That would be acting as a principal which for those of us in the know, is a fundamental issue that we have been fighting to keep the Banks out of. Banks do not OWN the property, truly their only role should be to approve or disapprove the net payoff to them. The new laws are a step in that direction. Generally what we are seeing is more rejections of offers with a wink wink her is what we will do, on the side. What concerns me most is the Seller having put their head in the sand. The Seller could be in breech of his listing contract, and could not be acting in good faith to sell their home (the non response). They will have been the recipient of a heavy duty marketing campaign from the Bank to "keep" their home, "modify" the loan etc.... All of my clients are aware that anything that comes from the Banks is in the Bank's best interest. It's all about communication. All of my Seller's direct the Banks to call me not them. This also helps to keep the Seller's suffering to a minimum, and is more equally balanced, I am a professional debt negotiator, so are the Banks - we're well matched. What I would be doing in this situation is working with the Seller's side on an outreach to the suffering homeowner. You didn't mention you Agency relationships. If you are represented by a Buyer's Agent and the Listing Agent is not responding, I'd have them calmly, with empathy reach out the the listing side Managing Broker if there is one, and see if an outreach to the Seller can be started. It is a time to ASK not to tell. The other possibility is that since there was a counter offer, that there was more than one buyer and the other buyer may be the shining star. Personally, when representing a buyer, I put terms in the offer reserving a first right of refusal upon any counter offer. That way if there are multiple offers, and the Seller had accepted my offer, then the Seller is obligated to negotiate with you first, before opening it up to multiple counter offers. This keeps you in control. But that is not what I am hearing here. I am hearing a case of Seller's remorse. If the Seller can't be reached, then it is time to start shopping for another home. Best of luck to you and I hope this helps you move the CONVERSATION (Not battle) with the Seller in the right direction.
Home Buyers Realty