Why would they do this?

We had an offer in for a short sale two weeks ago. The bank denied it and countered with a number they want. We submitted a new offer (still slightly less than what they wanted). They rejected that and INCREASED the amount they are asking for. Does this sound kosher?

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Permalink Reply by Becky Martin on September 30, 2011 at 2:44am
What lender is this???  Who is the investor and is there MI on the loan?
Permalink Reply by Chris on September 30, 2011 at 2:55am
Nationstar and Fannie Mae. With MI
Permalink Reply by Becky Martin on September 30, 2011 at 3:44am
MI is your answer - good luck getting this thru
Permalink Reply by Jeff Payne on September 30, 2011 at 10:15am
Sounds like your offer was simply too low and needs to be higher?  What do the comparables look like?
Permalink Reply by Becky Martin on September 30, 2011 at 1:12pm

I don't know Jeff - that MI can be a real problem, I had one pending at PNC a bit above the appraisal and could not prevent the foreclosure and the negotiator said it was because of the MI....have you experienced this? 

 

Permalink Reply by Jeff Payne on October 1, 2011 at 3:31am
Only a few times and we went directly to the MI company.  I have never had a short sale denied due to the MI company. 
Permalink Reply by Kimberley Kelly on October 1, 2011 at 2:29am
Yes.  MI Companies are the worst, but if you deal with them directly and figure out what their bottom line is, they WILL approve many times.  Worth tyring..
Permalink Reply by Chris on October 1, 2011 at 5:14am
But why would the bank ask for X amount one day, then up it a week later? Are you saying because the MI company wants more?
Permalink Reply by Becky Martin on October 1, 2011 at 5:20am
Ask your negotiator if there is MI on the loan and if so who holds it...ask directly about the price increase and ask to speak to their manager if you don't get clear answers....
Permalink Reply by Jeff Payne on October 1, 2011 at 6:05am
Chris, I am confused, you said that you put an offer in and the bank countered your offer?  Did the bank give you an approval for your sale and then say they wanted more?   remember that you dont have any approval until it is in writing.
Permalink Reply by Chris on October 1, 2011 at 7:20am

Sorry for the confusion.

 

For example, we submitted an offer of $185K. The bank countered saying they want $200K. We resubmitted at 195K. The bank countered at $210K. Trying to see why they would raise their counter amount in such a short period of time.

Permalink Reply by Cate Norton on October 2, 2011 at 6:25am
Not surprised if its Fannie/Freddie

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