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Why would they do this?

Posted by Chris on September 30, 2011 at 2:13am in Short Sale Discussions
We had an offer in for a short sale two weeks ago. The bank denied it and countered with a number they want. We submitted a new offer (still slightly less than what they wanted). They rejected that and INCREASED the amount they are asking for. Does this sound kosher?

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Replies

  • Linda Susan Fox October 2, 2011 at 6:41pm
    When the bank states they want X, then offer that amount if you want the home and it is still at or about fair market value..  Each time the Bank needs to negotiate they can change their minds.  The listing agent will need to negotiate the MI also.  Good luck getting this one closed.
  • Cate Norton October 2, 2011 at 6:25am
    Not surprised if its Fannie/Freddie
  • Chris October 1, 2011 at 5:14am
    But why would the bank ask for X amount one day, then up it a week later? Are you saying because the MI company wants more?
    • Jeff Payne > Chris October 1, 2011 at 6:05am
      Chris, I am confused, you said that you put an offer in and the bank countered your offer?  Did the bank give you an approval for your sale and then say they wanted more?   remember that you dont have any approval until it is in writing.
      • Chris > Jeff Payne October 1, 2011 at 7:20am

        Sorry for the confusion.

         

        For example, we submitted an offer of $185K. The bank countered saying they want $200K. We resubmitted at 195K. The bank countered at $210K. Trying to see why they would raise their counter amount in such a short period of time.

    • Becky Martin > Chris October 1, 2011 at 5:20am
      Ask your negotiator if there is MI on the loan and if so who holds it...ask directly about the price increase and ask to speak to their manager if you don't get clear answers....
  • Kimberley Kelly October 1, 2011 at 2:29am
    Yes.  MI Companies are the worst, but if you deal with them directly and figure out what their bottom line is, they WILL approve many times.  Worth tyring..
  • Jeff Payne September 30, 2011 at 10:15am
    Sounds like your offer was simply too low and needs to be higher?  What do the comparables look like?
    • Becky Martin > Jeff Payne September 30, 2011 at 1:12pm

      I don't know Jeff - that MI can be a real problem, I had one pending at PNC a bit above the appraisal and could not prevent the foreclosure and the negotiator said it was because of the MI....have you experienced this? 

       

      • Jeff Payne > Becky Martin October 1, 2011 at 3:31am
        Only a few times and we went directly to the MI company.  I have never had a short sale denied due to the MI company. 
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