Representing Buyer with executed sales contract. Bank has countered. Seller wants to send in another buyer contract instead of a counter from my buyer.
I am representing the buyer in a B of A short sale on a townhome. We have an EXECUTED sales contract with earnest money in at title. Short sale addendum that states "seller will make every reasonable effort to obtain lienholders consent and agreement."
Here's what's happening.
1.My buyers offer was $115,000.
2. The bank countered back at $130,000 with seller to contribute $10,000.
3. The seller's listing agent asked for my buyer agree to a price of $130,000 with NO seller contribution.
4 .I told the agent my buyer counter is $122,500
5. Listing agent told me that he has other offers that are higher than that that he will be sending one of thse to the bank rather than my buyers counter.
I would have expected him to put forward my buyers counter.... Isn't the seller obligated to continue in negotiation with my buyer until the bank rejects the offer outright?
Am I wrong? Please help!
Susan
Replies to This Discussion
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Permalink Reply by Kent Dills on
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Susan, the answer I gave you in the other group still stands! Sorry, sometimes we don't get what we want.
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Permalink Reply by Gary Carpenter on
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Susan, I think you have every right to be upset. It's unfortunate, but when you countered back that gives the seller a right to walk away from the deal. I don't know the circumstances of the deal and what the other offer is, but there is no legal violation here. A contract is only a contract, when it's agreed upon by both parties. That's the downside of short sales, you don't truly have a contract until the bank says you do. Now, if your offer is higher, you can push it to the bank negotiator and force the agent to accept your offer. Again, a contract isn't a contract until the bank signs off. Meaning, the agents contract is about as good as the offer contract. If the bank didn't hire him, they can push him out of the deal, or force him to accept your offer. This is business and if this isn't conducted without personal attachments, then it should not be worked by that individual. Good Luck......
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Permalink Reply by Laurie Clark on
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I have to say that the sellers agent is representing the seller just like any 'normal" contract. The contingency that is added for the Banks approval is just that, a contingency for the banks approval.
Think of it this way when we do a normal contract the buyers financing is always contingent when getting a loan. It is just flipping it to where the "sellers finances' with their bank is contingent.
When you think of it this way then you will do what is right for the seller. Looking at all offers, taking back ups and in this case when the bank countered back the buyer was not willing to go the price so they accept another offer.
I also see the sellers agent saying they will get the bank the counter offer be it with your contract or another.
1 problem they will make them start all over, you can not replace a contract with another contract unless there is a special circumstance that they will allow it. I have never seen this and would love to know how! 2nd If the banks does not get all of their counter along with the promissory note they may foreclose. -
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