Decision time! We offered full price cash, and GMAC's investor countered $30K higher. Would you counter again, like $10 K below their high counter?
We need to make a decision today. Any opinions welcomed!
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When a bank counters an amount that low, they are just fishing for a counter from you. ANY counter. I would start my counter as little as 2500 more and you may be surprised that they accept, or go one more round and accept slightly higher. If they come back firm at the 30K, that is indicating that investor guidelines, most likely FHA or another GSE prevents them from accepting less at this time.
www.josephalfe.com
Happy Ending? We will see! Got the verbal acceptance from the bank with a twist. We need to close end of Jan. We can do that. Cash. No problem. Worried escrow could take longer... Does NOT end!
Bank needs to get the letter of approval to us for signatures............. And then we probably have 5 working days to close? This is nuts!
I'm sure your agent is handling it, but make sure to give your title company the heads up so they can button up the title search, etc., for a quick closing date! If there is an HOA involved, HOA's estoppel letters (statements) can be a pain to get quickly, so title company needs to move now! Good Luck! :)
We sign escrow papers today! It's over. Fanny Mae backed off their high price by 10K because we said we would close by Jan 31!
The selling agent got the title company ready before we even got that letter of approval, and when it came yesterday, we wired the funds, sign papers early today, and get the keys this afternoon.
Thanks for all your help!
This is a stressful experience for buyers who love the home and neighbors of the short sale on which they make an offer, and your comments and answers have made this road a lot less bumpy!
Congratulations!
Thanks Joseph!
That was really helpful, and (shhhh) we are willing to pay the $30K higher, but there is a lot of work to be done at the house, so less output, more left for improvements.
We drove by and spoke to a neighbor, and now we want the house even more! We do have right of first refusal, and since we refuse to refuse, we are pretty sure this can happen! We countered at $10K more. I hope you are right that they were fishing for more and might accept. And I really like your explanation about FHA or another GSE preventing them from taking less.
Thanks again!
Suzi
We are not the current occupants. Nobody lives in the house. The mother of the listing agent owned the home, and a couple of years ago, she passed.
We are the Buyers, and we intend to live in the home. Thanks for your post and the results you posted. I don't really want to publically say the actual price of the property, but both comps and the listing agent think it's a fair price. GMAC's investor countered higher, so I guess the games begin!
At least GMAC responds, unlike the lady who started "Short Sale Hell" thread. Nightmare!
What does your buyer want to do? That is the question? Not up to the agent. What is the property truly worth? Disregard the list price and think like an appraiser, what is the home really worth? It is worth 30K over the list price?
Were you there when the BPO was completed?
Jeff, you misunderstood. I AM the buyer, with my husband. The seller is the listing agent. OUR agent facilitated this, and I have asked him to run comps, sans short sales and Foreclosure so we can realistically know what to counter. Or can we counter? Do we accept or let it go?
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