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Hi Jerry,
Did they actually make a counter-offer, or did they issue a short sale approval at a certain price, which ended up being higher than your offer? Technically, only the seller would be authorized to make a counter-offer to you, since the purchase contract is between the buyer and seller. The seller's lender approving the short sale is only a contingency to the contract. I'm sure you know this but, just because you offered more than list price doesn't mean that amount would be acceptable to the bank. While we'd like to think these lenders would respond favorably to contract prices, it's just not always the case. BoA is guilty of this. I had a SS w/ BoA take an additional year to get sold because they rejected a reasonable price early on. It ended up netting them $100k less than if they'd have taken the first one.
I had a case where I listed a property for $225K and we got an offer for $190K, after BOA did their BPO it came back at $228K and they countered at that price. The buyers re-countered at $215K and BOA did accept it.
So yes you can counter them back. It did take 3 weeks to get the approval letter though..
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