We made an offer of $365,000 on a great condo in California which was accepted by the seller. We've been waiting since July 25th for Chase to either accept or counter. Well, last night, Chase came back with counter of $435,000! WAY far from the comps in the area. In fact, the exact same unit literally next door (which was turnkey) sold for $399,000 5 days ago. If we counter for $385,000 would they just laugh at us and deny us? There are major HOA fees that are associated with this property as well AND it's set to foreclose in 10 days. (we've pushed the date back twice already)
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I agree with Harry. Time is on their side. If they know about the next door comp, and that's close to the market value so, what's to lose?
Follow Harry's advice..pretty basic. No guarantee, but throw it at the wall..
Thanks for the advice everyone! We got a verbal last night from the negotiator that Chase will drop to 400k which we agreed we'll pay. The contract is coming back with the original # of 435K and we're going to counter with the 400k (that they verbally agreed on). Is this the way it's typically done?
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