I am the buyer. Both the seller's agent and my agent are well versed in Short Sales. We submitted an offer in January for $207K on a house with $9K in closing costs. Based on the comps, this offer was realistic. BoA came back two weeks ago and accepted our offer but counter offered the closing costs and said they would pay 3.5% only. We accepted their counter and were waiting for the letter of acceptance. Then, 9 days after accepting their counter - they counter offered the purchase price and want $12K more than our offer. Plus, there are NO COMPS to support this.
Can they legally do this?
Apparently, a new negotiator was assigned to the case and she is trying to get more money. The seller's agent has given her documentation of the previous counter offer (email) but since we haven't received the acceptance letter, it isn't "on paper".
As a buyer, I am prepared to walk and will not meet their demands for $12k more.
Anyone else in this situation?
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Oh, it's like bait and switch!
I'm a buyer, too, and I am afraid of the same thing to happen to me! I've been very firm and clear to my agent that I would walk even if the countered price is $10. My lender (BoA) got appraisal which came in at $250k (exactly the $$ I offered); good thing my lender waived appraisal fee since the short sale bank is also BoA. With the money I didn't have to spend, I went ahead and ordered inspections, and it appears that I will have to pay quite a bit of repair costs: all electric, plumbing and hvac are improperly done DIY by the seller that need to be fixed, and the roof needs to be replaced. What's more, the house has termite damages, which was known to the seller prior to the listing. Before I put in my offer, the listing agent told me that she'd addressed the termite issue in the SS package and initiated negotiation with the lender to pay for the treatment and repairs (fingers crossed but in fact, BoA ordered and paid for the pest control inspection!)
Besides, I am getting estimates on necessary repairs tomorrow to avoid a heart attack at closing; I'm anxious to find out how much the total will become. If the estimate of repair comes in high and BoA (Seller's side) counters again for any extra $$ from me, I am so willing to walk.
At this time, according to both listing/my agents, bank has countered, but listing agent told my agent that there was nothing for me to do at the time. It appears that the listing agent countered back to BoA on behalf of seller (don't know what it was). We are currently waiting to hear back from BoA. I hope they won't close the file or counter to make me come up with extra $$!
My question - would the inspection report and repair estimates help to combat the counter offer, if that ever comes?
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