HELP buyers needing advice!

Hey all- I am desperate here, I am a buyer on a WF short sale (2 liens,both with WF) and placed an offer for market value on a home. They came back wanting $3,500 more. Really?!?! We can't pay more because that would put us in a whole different loan and make our payment jump quite a bit. Are they just bluffing? One home sold (same type of home almost identical) for our price and another for 10k less. What are the chances WF will get their heads outta there butts and accept our deal? This has been a nightmare. Any suggestions would help as we are the buyers and have literally NO control over anything! 

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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on February 14, 2011 at 9:49am

 

 

Your REALTOR / agent needs to provide advice to you on how to proceed.  I assume you are not using the same agent who is representing the seller.....

 

You can counter again with the same amount you've offered and show it as "FINAL OFFER".  Be prepared to lose the property however.

 

Remember, Wells Fargo is really not approving the sales price - they are approving how much of a LOSS they are willing to ACCEPT.

 

Best of luck,

 

Thom Colby

Broker

Newport Beach CA

Permalink Reply by Barry Bergner on February 15, 2011 at 7:00pm

It is the lenders goal to maximize their recovery of capital. Just because they ask does not mean you have to agree and the listing agent should forward your response to the lender with  data like you have spoken of to justify your position. You can also make a counter offer somewhere in between. Maybe the lender will accept $1000 more. Where is your agent in all this?

Permalink Reply by Kathleen Lordbock on February 16, 2011 at 5:56pm
You have an agent- right?????

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