I represent the buyer, and the seller holds a Chase mortgage. Their agents are great, but the negotiator is typically coy, giving no concrete answers.
Buyer has been U/c for $143,000, which was the H& B offer in a multiple offer situation in April
(listed at $149, then $139K for a month) Atlanta real estate market is bouncing UP.
The mortgage balance is from a Chase conventional refi of 201,000 in Feb 2012
Based on BPO, Chase has countered contract for $158,000 (the house is worth it).
If we counter back, it goes back to the investor and might get tied up a lot longer, and the F/C is looming in July/Aug
If we accept, we can be on the road to a closing - IF our buyers can get the money.
This extra $15,000 might not be doable for our clients - they will have to move mountains and we (their agents) will have to give up all of our commission to get them the house at this price, but do not them want to lose it.
Is it worth a shot to counter? What is the typical Chase experience with counteroffers? Once we are at this point in negotiations, do they usually accept or reject counters quickly, or could it be another 2-8 weeks?
Please advise, we need to respond for Monday.
Seller had a second mortgage and showed listing agent a release; so it seems Chase is the sole lienholder
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Thanks Bryant, that is what we are trying to do - the buyer just doesn't have the extra $15K or even $10K
Judy, I have no idea who the investor is, unfortunately. But it is only one, thank goodness.
We counter deals all the time and have success. Just let the buyer decide what the property is worth to them and then counter accordingly.
Hi Judy, Do you know who the investor is?