does bank usually accept List price on short sale house? after seller accepted. then bank have to accept my offer right? for my situation right now.

Asked by jameskim80, Lakewood, WA Tue Feb 4, 2014

for my situation right now ..
seller already accepted my offer but bank didn't yet.
i offered List price. but my agent told me the bank could say they want more than list price.. is that really possible? or thats unsual ?

Help the community by answering this question:

+ web reference
Web reference:

Answers

6
Eric & Rachel…, Agent, Tacoma, WA
Tue Feb 4, 2014
No they don't usually accept a list price offer. a short sale will in no way look or feel like a normal home purchase, because they aren't! Some of them are really good and will get you a great deal. Most are a hassle, and will drive you and your agent crazy! These are distressed sales, the seller is going away broke and a third party (the bank) has to agree to lose, in order for you (the buyer) to win! Important to successfully getting a short sale home is knowing that just because it is for sale, does not mean it can be bought! Work with an experienced broker that can help you evaluate a property before you write a contract. You don't want to waste your time under contract, but unable to close.
0 votes
Brian Solins…, Agent, Federal Way, WA
Tue Feb 4, 2014
The bank is looking to get "fair market value" for the house. Being that the seller owes more on the house than your offer, the seller needs to get permission from the bank and the investor that loaned the money to the seller, to sell the house at a lower price. The bank will likely do an appraisal to find out what the value of the property is before making a decision as to whether to accept your offer or not. Sometimes the bank will come back and ask for a higher dollar amount after the appraisal is complete. It is also possible that the seller would not qualify for a short sale and the bank could deny the short sale altogether. Most likely within your purchase and sale agreement, there is a form regarding the short sale that allows the seller to cancel the agreement should the bank deny the short sale. Usually, there is a set amount of time within the contract for the bank to respond, however the bank does not always meet the deadline of the contract. Should the bank counter your offer at a higher dollar amount, you should have the ability to counter back or get out of the contract.
0 votes
Scott Godzyk, Agent, Manchester, NH
Tue Feb 4, 2014
It depends, some agents who are not experienced with short sales think listing short sales at below market value attracts more buyers, the problem is the banks will not allow a short sale for much less than market value.
0 votes
Annette Law…, Agent, Palm Harbor, FL
Tue Feb 4, 2014
This is a short sale. ANYTHING can happen.
-----1. The seller can accept your offer.
-----2. the bank can accept your offer.
-----3. the bank can raise the offer based on final BPO
-----4. the investor can require you to pay more
-----5. then insurance company can require you to pay more, in additions to investor.
------6. The trustee (if applicable) can require you to pay more, in addition to insurance co., investor.
-----7. Based on banks final offer to owner, the owner may require additional contribution from you in addition to trustee, insurance co and investor.
-----8. Not liking the outcome the owner/seller can still say "NO DEAL!"
------If you are seeking assurances....buying a short sale may not be suitable for you.----------

Best of success, ------Annette Lawrence, Broker/Associate Remax Realtec Group, -------- Palm Harbor, FL------ 727.420.4041 ------http://FIrstLookHomes.us.
0 votes
Marge Bennett, Agent, Fort Myers, FL
Tue Feb 4, 2014
unless the bank approved the price before it was listed, then probably not. There are many agents who list low in order to get an offer so that the bank will tell them what they will accept. Fortunately, there are some banks that are getting smart and working with the listing agent to set the price before it is listed.
0 votes
Suzanne MacD…, Agent, Morristown, NJ
Tue Feb 4, 2014
The bank will do an appraisal and then counter your offer with some percentage off of the appraised value. it's not at all unusual for the bank to counter your offer even if ti is list price. The bank has to approve the sales price and they are always going to try to get more. If you think their counter offer is unreasonable, reject it and tell then you will pay full list price and not a penny more. They may say OK or they may say no, it's a negotiation.
0 votes
Search Advice
Search
Ask our community a question
Home Buying in Puyallup Zip Codes

Email me when…

Learn more