Henry R Morton
  • Male
  • Sanford, NC
  • United States
  • NC
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Bank asked us to lower our offer

Started this discussion. Last reply by Henry R Morton on Friday. 4 Replies

Back in December My wife and I put in an offer on a Short Sale. Yesterday my Realtor advised us that the sellers bank had completed the appraisal (Original loan is a VA loan) and our offer was too…Continue

 

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Henry R Morton replied to Henry R Morton's discussion Bank asked us to lower our offer
"Hi all thanks for all the replies. It's been a month since I posted about this, but a lot has happened. I apologize in advance if this is a long post. However, I wanted to share my happenings. Our offer of $68,000 was approved on 3/23/17. We…"
Friday
Rebecca Roberts replied to Henry R Morton's discussion Bank asked us to lower our offer
"Hi Henry! It may sound strange and is very uncommon, but it does happen.  I have had at least 3 deals in the past decade where the short sale lender asked for a lower offer.  In a nutshell, it sounds like the short sale lender completed…"
Mar 29
Henry R Morton replied to Henry R Morton's discussion Bank asked us to lower our offer
"The home was listed in August of 2016 at $129,900 In November the price was dropped to $119,900. We put in an offer of $110,000 in Late December. We reviewed all the comps in the area with our Realtor so $110,000 seemed like a fair price taking into…"
Mar 22
Brett Goldsmith replied to Henry R Morton's discussion Bank asked us to lower our offer
"I've never seen a bank say this but maybe it's possible that the bank sees you are paying above FMV and that the property won't appraise at closing? What's the price…"
Mar 22
Henry R Morton posted a discussion

Bank asked us to lower our offer

Back in December My wife and I put in an offer on a Short Sale. Yesterday my Realtor advised us that the sellers bank had completed the appraisal (Original loan is a VA loan) and our offer was too high. They advised us to re-submit for $40K less than our original offer. Is this common? Not that I'm complaining about paying less, but I most things I have read, the banks may counter at a higher price. My Realtor said that in his years of short sales this was the first time a bank has asked for a…See More
Mar 21
Henry R Morton is now a member of Short Sale Superstars
Mar 21

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First Name
Henry
Last Name
Morton
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State
NC
City
Sanford

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