Forum

Buyer was approved and ready to fund at $666,500. Now the buyer wants to offer $600,000!!!!

Posted by Maribel Munoz on July 25, 2011 at 4:12pm in Short Sale Discussions
BofA shortsale, approved at 666,000. Right before funding the buyer wants to renegotiate fo $600,000. She paid for an appraisal report and it came in at $608,000. What are the chances of this going through?

You need to be a member of Short Sale Superstars to add comments!

Join Short Sale Superstars

Email me when people reply –
Follow

Replies

  • Sandra Allen July 26, 2011 at 3:28pm
    Hmmm, I'm not sure about your last response when it comes to dual agency.  However, when was the last valuation received by B of A?  How long was the wait that the value dropped over 60K?
  • Maribel Munoz July 26, 2011 at 12:16pm

    I double ended the deal, so I felt obligated to the buyer. The buyer was right, the property dropped in value. waiting for the bank to respond to the amendment and appraisal. We were ready to fund!!!!!!!!!

  • Bryant Tutas July 26, 2011 at 12:29am
    Well that sucks!! If that's what the buyer wants to do then you really have no choice but to send the appraisal to the lender and ask for a price reduction. Or depending on how the contract was written you could try to hold the buyers foot to the fire and see if that will get them to close atthe agreed price. Was the purchase subject to appraisal? Of course you can never force buyers to close but their deposit may be in jeopardy of they don't., The contract will have the answer.
This reply was deleted.
********************************** like buttons ************************