If a home is on the market for $130,000 short sale can they (the bank) contact your realator and say that the home is now going for $145,000 instead

Asked by Mdal313, Laurel, MD Tue Apr 19, 2011

of the $130,000 the orginal price. This home has been on the market for over 300 days? What is going on with something like that? Is this flase advertising or is it a squeeze?

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13
Matt Pickett, Agent, Colorado Springs, CO
Tue Apr 19, 2011
if the banks appraisal has come in higher than what the realtor has it listed for and the net to bank needs to be higher then yes the price needs to go up to what the bank will accept
1 vote
Tyra General, Agent, Upper Marlboro, MD
Tue Apr 19, 2011
Hi,

With the property being on the market for more than 300 days, I would definitely ask your Realtor to find out more details about the bank, how many offers and/or contracts have been accepted/rejected, etc.
Some banks are now offering more guidance as to how much they would like the property to be listed for. Otherwise, many Realtors use comps, etc. to price the property correctly.

If you're looking to purchase a short sale, please don't be discouraged. Just be certain you're working with a Realtor who not only understands short sales, but is willing to ask the questions necessary to be clear about the status of each particular short sale you are interested in. Also, it is important that your Realtor is willing to push the envelope/negotiate, if necessary, to get your offer accepted (as long as it is reasonable).

If you have any other questions/concerns about short sales, feel free to contact us or visit our website for more short sale faqs.

Thanks & God Bless,

Tyra

Tyra N. General
Real Estate Consultant|Short Sale Expert
Keller Williams Preferred Properties
d: 240.281.9219
o: 240.737.5000
e: tgeneral@athomewithtyra.com
http://www.athomewithtyra.com
-----------------------------
IMPORTANT NOTICE:
Tyra General & Associates of Keller Williams Preferred Properties is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
1 vote
Alex Saenger, Agent, Rockville, MD
Wed Apr 20, 2011
Unfortunately, yes. Banks are in the business of taking as much money as they can for their properties. If they see you can afford more, they very well might as for it. Also, if they suddenly catch wind that multiple buyers have interest, they can risk losing one by asking for more. Talk with your Realtor on the best strategy to move forward.
Web Reference:  http://www.AlexSaenger.com
0 votes
Pearline Mur…, Agent, Silver Spring, MD
Tue Apr 19, 2011
Yes, the bank can counter your offer for a higher price after the short sale bank has completed a Broker Price Opinion or sometimes the bank may order a full appraisal of the property. A Broker Price Opinion is somewhat of a mini appraisal. At this point you may walk away however, if you qualify at the banks counter offer and you love the house then perhaps you've got a big decision to make to accept or walk away. Good luck.
0 votes
Dallas Texas, Agent, Dallas, TN
Tue Apr 19, 2011
No the lender can change their mind on list price SAME as any other property owner

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
Linda Anders…, Agent, Bowie, MD
Tue Apr 19, 2011
Absolutely. the bank can. The home owner would normally set the list price; however in the case of a short sale, the bank is in complete control of the acceptable price. That's the nuts and bolts of the deal. If you would like to know more about the process speak to an experienced short sale agent such as myself.
0 votes
Sergio Herna…, , Naples, FL
Tue Apr 19, 2011
Banks get to make all the rules and change them when they please.

If you want to buy a short sale, expect the unexpected and understand that what you see, isn't always what you're going to get.
Web Reference:  http://www.golftobeach.com
0 votes
Charles Lanc…, Agent, Laurel, MD
Tue Apr 19, 2011
The short answer is yes. They offen will make a counter offer if the orginal offer is too low in the bank's opinion base on an appraisal or BPO.

Charles Lancaster
Exit Right Realty
Laurel, Md
240 554-4093
charles@exitrightrealty.com
0 votes
Melissa Bark…, Agent, Washington, DC
Tue Apr 19, 2011
As the others have answered, yes the bank can come back to the listing agent and tell them that they need more money unless noted price approved by bank. The bank knows how much they need to get out of the sale and the listing agent some guesses, sometimes gets feedback from the seller which has gotten word from the bank or there has been a BPO done on the house and the list price is based upon this. Being on the market for 300 days, it is called a short sale, the home has not been foreclosed on by the bank so the bank does not own it or there could be something wrong with the house, it really depends on a case by case basis.

Good luck!
Web Reference:  http://www.wdcmetroagent.com
0 votes
Yvette Marie, Agent, Rockville, MD
Tue Apr 19, 2011
Yes - the $130k is a price that has not been listed by the bank - that is the Listing Agents price he/she believe the house can sell for. Unless the listing specifically states "Bank Approved" short sale - the price listed is still up for negotiations.
0 votes
Nnaemeka Chi…, Agent, Owings Mills, MD
Tue Apr 19, 2011
Yes they can. The price the Agent (or Seller) sets is not fixed. The Bank has the right to accept or decline any offers presented. They usually counter with a purchase price they are willing to accept in lieu of the short sale.
0 votes
Brian Gormley, , Montgomery County, MD
Tue Apr 19, 2011
Nothing nefarious per se is going on, or at least need not be. The SS bank gets their own value, and it may or may not be consistent with the agent's. They can counter at whatever price they want. The trick is to know how to escalate the file to reconcile the value with the offer, given extrinsic evidence that the two don't match (like the fact you note re listing history).

Brian Gormley, Esq.
http://www.capitolshortsale.com
443.739.7993
Cornerstone Properties and Financial Services LLC
0 votes
The Roskelly…, Agent, Gambrills, MD
Tue Apr 19, 2011
Absolutely. The price the Realtor sets is not necessarily (or usually) the price the bank will accept.
0 votes
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