I wrote an offer for my buyer and submitted last Thursday - requesting a response by Saturday evening. I was told there were no offers on this property - no one had replied to the previous mulitple counter offer the week prior. The homeowner is a licensee. We got no response so I emailed to follow up on Monday AM. I received a response that we'd hear back by Wed, at noon. I emailed Wed at 4pm for a response.
The agent responded by asking me if my client would consider paying the difference between the sales price and the appraisal amount. Here are the particulars: List price is $350,000. We offered $325,000 and made it subject to inspection and appraisal (VA buyers) - we felt this could be a multiple offer situation as it was before. The comps were about $305,000. This is a short sale. I list short sales and have closed on a few. I've never run into this. How would this be beneficial to my buyer; or, even to the seller? Any advice would be helpful.
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Hi Bryant and Brian,
I appreciate your help on this.
The listing agent responded. The bank is requesting a much higher net amount than current market comps are showing for the recommended sales price. The listing agent indicated they had to cancel the previous buyer for the same reason. The seller will reject our offer tonight; and, we will move on to the next one.
Thanks again for your advice!
Of course. However it will depend on the buyer's lender.