We are at the begining of a short sale process (we have been pre-approved, the seller has agreed and we are

Asked by jane doe8, 91214 Thu Jan 29, 2009

now waiting to hear back from the bank). We have had a sudden change to our financial situation and would like to know whether we can ammend our offer at this stage?

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Steven Ornellas’ answer
Steven Ornel…, Agent, Fremont, CA
Thu Jan 29, 2009
Jane, if you really need to lower the offer price due to a new financial situation please involve your Realtor AND Mortgage Loan Agent.

One of the aspects of Short Sales that I do not like is putting in an offer where you don't hear back from the bank for months. In his market that normally means market value has dropped further. If you are primarily concerned that you offered too much, and assuming that your offer is subject to an appraisal contingency, you might use the appraisal to negotiate a lower price or cancel the deal.

Best, Steve
0 votes
Keith Sorem, Agent, Glendale, CA
Thu Jan 29, 2009
The person to whom this question should be directed is not us. Your Realtor is the absolute best person to ask about questions of your transaction. Well-meaning posters may inadvertently harm your transaction by offering advice made without full knowledge of the details.

Good luck!
BTW I am involved in a short sale transaction and we are in our THIRD escrow for the same property.
0 votes
Mario Villag…, , Burbank, CA
Thu Jan 29, 2009
Yes...You have submitted an offer that is subject to lender approval. The new purchase price will have to be submitted again which may delay the lender's response. Keep in mind that if your new price is low balling what the current values are in that area then the lender might just wait for more offers to come in and the listing agent will most likely reduce the listing price attracting more buyers. Talk to your agent and consider all the pros and cons before you do anything.
0 votes
Eric H. Wong , Agent, Albany, CA
Thu Jan 29, 2009
Hi Emma;
At this point you are not even really in contract yet. Just contact your agent, tell them what you want to do, and your agent will tell the other side.

It should not be that difficult.

Good Luck
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