when there is a down payment on a short sale home and the buyer is capable to purchase cash for the full amount of the home for sale can the broker?

Asked by realestate, Rutland County, VT Sun Apr 24, 2011

or bank or homeowner raise the price of the home more than once? This is for the state of Vermont. Thanks

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6
Jeff Holloway, Agent, Sebastian, FL
Tue Jan 31, 2012
yes. There can be many parties involved with a short sale. The net value may work with one party, but not with the different ones.
0 votes
realestate, Home Buyer, Rutland County, VT
Mon Apr 25, 2011
Would a Lenders prefer to sit on an empty house? Because this is what may happen if the home owner cannot sell it. No other buyers but this buyer as well. So maybe the bank will come around in a couple of months to lower the price of the home and then maybe the buyer will have the upper hand?
0 votes
realestate, Home Buyer, Rutland County, VT
Mon Apr 25, 2011
Thanks John, This situation is a good friend of mine. The buyer doesn't have a real estate agent to assist but a lawyer. The buyer really wanted the home. Short sales are very challenging and it is too bad for all involved. The Lender raised the price several times and it got out of control and the buyer figured that if she paid in cash and in full that it would be easier to purchase the home without all these counter offers especially in todays market where nothing is selling in this area. Thanks again.
0 votes
John Juarez, Agent, Fremont, CA
Sun Apr 24, 2011
The short sale lender can do whatever they want. That is one of the challenges of short sales. Absolute rules are lacking in many areas of short sales. When you refuse to accept one of the lender’s price increases, the game stops. How badly do you want the house?

I hope that you are being represented by a Realtor who is experienced with short sales. It is likely that you will only buy one short sale house in your lifetime. You need the help of someone who has dealt with numerous short sales. Short sales are not for the timid.
0 votes
realestate, Home Buyer, Rutland County, VT
Sun Apr 24, 2011
Can they counter offer 3 times knowing that the reason this is a short sale is due to the homeowners on the brink of fore closer? Also there was contracts signed with a down payment all three times, and the buyer put more of a down payment all three times. Now the buyer feels it is getting out of control and will not accept the counter offer the third time which leaves the home owners in a bad spot as well as the buyer.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sun Apr 24, 2011
The lender can make a counteroffer....
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