Mynerd, Home Buyer in Gardena, CA

What are the chances the Bank will accept my counter offer?

Asked by Mynerd, Gardena, CA Sun Sep 2, 2012

First time buyer. I am purchasing a Short Sale home placed the offer 3 months ago,i am already in escrow and negotiating with the bank (bofa) 3rd party negotioator. House was listed at $300k , which offer got accepted by seller. The bank chose to re-list property at $362k!!...i was we then counter at $315k and my agent sent them comps with homes that sold within this price range...the came back again with $362k counter...not a penny less...Now...the selling agen suggested for us to come back with 30-35k more and said it should appraised...we really like this house and are willing to do $ agent asked them for their best and lowest counter for us to present the offer at $345k...we are buying FHA ...what are the chances for it to get approved as its about $15k under their asking price... if you guys can help me with this concerns that would be im a first time buyer and nervous, excited, fustrating..on buying a home.

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Michael Magaw, Agent, Torrance, CA
Tue Sep 4, 2012
You asked - what if you do offer the asking price of $362k and they accept and then your appraisal comes up short. That is fine. Then you have solid evidence that the price should be lowered. I assume that you won't make up the shortage in cash, so you have two choices. 1- cancel the escrow and let the bank start all over with someone else. or 2- have the Listing Agent appeal to BofA that the price needs to be reduced.
I have had this happen with clients and the bank did lower the price.
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Alane Anders…, Agent, Newport Beach, CA
Tue Sep 4, 2012
Creative solution, asking for best and lowest counter. Unfortunately each situation is different depending on the person at BofA assigned to your file, they may or may not provide you with a best and final. Good luck, will be interested to see how it goes.

Alane Anderson
Realtor | MBA
Voted #1, Best of Orange County
First Team Real Estate
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Felix Hung, Agent, Huntington Beach, CA
Mon Sep 3, 2012

Bank of America is now sending out in-house field appraisers to do most of their valuations. If this property falls into their new pre-approved short sale program, then the $362k will be pretty solid. They may take $345k but I agree with Michael - there are too many things that the bank know and we do not know.

If the listing agent is communicating with your agent, you should have a good idea if the listing agent is willing to send in a counteroffer for $345k or if he/she will be seeking a buyer who will pay $362k. This is your agent's job to control this and communicate with the listing agent on your behalf.

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Mynerd, Home Buyer, Gardena, CA
Mon Sep 3, 2012
Let's say i offer the asking price...once the FHA appraisal gets done and they say its priced a bit too hight...would that benefit me at all?
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If you can afford to put the money down that's necessary and you want the home offer them asking price THEN wait for the appraisal to renegotiate the price.
Flag Wed Sep 25, 2013
Michael Magaw, Agent, Torrance, CA
Sun Sep 2, 2012
I agree, "Lowest and Best" is a new one for me. All you can do is wait. There are too many variables that only the bank knows.

Ask your agent if the home is worth $362k. If it is, then maybe they don't come down to your price. Why should they? They is a shortage of inventory, so someone will get them closer to their number.

Just for the record, it does not sound like you are " already in escrow". If you were in escrow, then all contractual items, including price, would have been agreed by all parties.
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Tim Moore, Agent, Kitty Hawk, NC
Sun Sep 2, 2012
Your agent asked the bank for "their" lowest and best counter offer - that made me laugh. I have never heard of that one before, I wonder if it will work.

The bank has likely done one or more BPO's to determine a value based on comps so I would not worry about a lower offer appraising, if it didn't the bank would almost have to come down to it then. Your offer is just 4.6% lower so you might have a shot at them accepting that as long as you didn't ask for closing costs, or anything else, that just eats up their bottom line. Good luck.

Lowest and best counter offer - I like that one.
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Laura Feghali, Agent, Stamford, CT
Sun Sep 2, 2012
Hello Mynerd,
Every short sale is different so it's difficult to determine what amount the lender is willing to accept. Your agent has submitted comparable sales and appears to have good follow up with the sellers and seller's agent.
Keep consulting your agent as he/she is working for you in your best interests; not the sellers or lenders.

Good luck!

Laura Feghali
Prudential Connecticut Realty
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