I placed an offer for short sale on 4/13 (I offer 40K less than the bank approved price). Within 24 hours

Asked by Alisunfun, Miami Beach, FL Thu Apr 16, 2009

the listing agent verbally told my Realtor that the offer was rejected and than sent us the bank rejection letter that is dated 4/6 with a counter offer 5k higher than the listed price. Something does not seem correct, any advice on how to handle.


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Jeff K, Home Buyer, Bristol, PA
Fri Apr 17, 2009
Hi Ali,

Ok - so you bid 40K less than the listing price and they countered with $5K more than the listing price? So - they were asking say $150K, and you offered $110K and they countered with $155K? Is that right?

What are the recent Sold comps for those properties? You need to have an idea as to what people are really paying for them to know what they might be worth. And then ... that is FULL market value - so you are NOT going to offer that - since it's bank owned. You'll want at Least 10% off it - or better yet 20% off it. If they don't like it, then that's too bad - take your money elsewhere.

It shouldn't mater one fig to you that "some agent worked hard to get that price approved". The price needs to be one that's good for you - period! And it needs to be a discount off of current market value (still declining in FL by the way) for you to even consider it.
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Mike Linkena…, Agent, Jacksonville, FL
Fri Apr 17, 2009
Sounds like you're in luck! You bid on an approved short sale, and will not have to wait forever for an answer. You already know what amount they will accept, you just have to be willing to pay that amount! If you want the house, pay the price and close quick, or keep looking. The listing agent likely worked very hard to get that price approved.
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The Hagley G…, Agent, Pleasanton, CA
Fri Apr 17, 2009
Have your Realtor run comps to see what the home is worth. If the bank counter makes sense, put in the offer and walk away with the home.
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Jeff Holloway, Agent, Sebastian, FL
Fri Apr 17, 2009
The agents list price is always contingent upon the bank approval. The agent probably set the price, not the bank. Have your agent do another market analysis...if its a good deal, buy it...if its not pass.
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Genevieve Ra…, Agent, Punta Gorda, FL
Thu Apr 16, 2009
What does your realtor say? How does she think it should be handled? The bank is going to accept the highest and best offer. The listing agent has to submit all offers but it is possible they have standing instructions from the bank. Your realtor should be able to get you the answers you need.
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Nadine Mauro, Agent, Lake Worth, FL
Thu Apr 16, 2009

In your honest opinion and the opinion of your agent, is the condo worth the additional $5k? Are you willing to up your offer $5k? If not make a counteroffer to the bank with your highest and best offer, even if it's only $1k more. It makes the bank think they are getting more of their losses back. Keep in mind that YOU have to be comfortable doing this.

Do you really want the property? If you do, offer a little more and it could be your home. The banks want the homes sold, but they do always want to up their bottom line.

Nadine Mauro
Regency Realty Services
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