Short Sale counter offer from the bank

Asked by Mary, Durham, NC Fri Sep 20, 2013

I recently received a counter offer from the bank asking for $10,000 more than the original offer of $200,000. I countered by accepting the price, but asking for some closing costs. It's been a little over a week since submitting the counter offer. Probably a typical question, but how long should I wait to hear from the bank? Would asking for some closing costs kill the offer? I am working with a realtor. Thanks.

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My NC Homes…, Agent, Chapel Hill, NC
Fri Sep 20, 2013
No telling how long you may wait, "Short" isn't the operative word in Short Sales but it could easily take a couple of weeks. Your request shouldn't kill the deal but I wouldn't be surprised if the lender didn't counter by refusing to contribute to your closing costs.
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Scott Godzyk, Agent, Manchester, NH
Fri Sep 20, 2013
Most banks will not pay closing costs, 90% chance it kills the offer. The banks offer is not something you can usually counter offer, pretty much they have to start the process over and it can take 6-12 weeks to hear. The problem starts when listing agents list homes below market value and the bank counters at market value and buyers are left to wonder what just happened.
0 votes
Scott Godzyk, Agent, Manchester, NH
Fri Sep 20, 2013
Most banks will not pay closing costs, 90% chance it kills the offer. The banks offer is not something you can usually counter offer, pretty much they have to start the process over and it can take 6-12 weeks to hear. The problem starts when listing agents list homes below market value and the bank counters at market value and buyers are left to wonder what just happened.
0 votes
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