Tags:
I suspect you will need to cancel the offer, re-submit the new offer and hope for the best. Or..you can wait until you get a counter, then counter back with supporting comps. Depends on your Investor. The MI company will be tough no matter what. Only 120 days late..I'd say it was over-priced if comps have fallen that much. We Short Sale List Agents have to have some ability to predict prices, but not be over aggressive in our predictions. A slippery slope. Good luck keeping that Buyer.
Don't start with a new offer, but turn in a sales contract amendment. If you turn in a new offer, the entire short sale may begin again. You may want to consider changing your marketing to accepting backups. There is a chance your buyer will backout completely.
I've had price reductions on short sale approvals, and I've had lenders reject price reductions. It could go either way... just send it in to the bank and see what happens. If they reject, start over. If they approve, carry on. I'd send the comps in to the negotiator, too, so you prove that there's a viable reason for the price reduction.
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.