Buyer/Ouccupant received Counter from bank. What to do?
Decision time! We offered full price cash, and GMAC's investor countered $30K higher. Would you counter again, like $10 K below their high counter?
We need to make a decision today. Any opinions welcomed!
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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What does your buyer want to do? That is the question? Not up to the agent. What is the property truly worth? Disregard the list price and think like an appraiser, what is the home really worth? It is worth 30K over the list price?
Were you there when the BPO was completed?
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Permalink Reply by Susan Highland on
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Jeff, you misunderstood. I AM the buyer, with my husband. The seller is the listing agent. OUR agent facilitated this, and I have asked him to run comps, sans short sales and Foreclosure so we can realistically know what to counter. Or can we counter? Do we accept or let it go?
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If you are willing to pay the amount the bank wants the go ahead and accept. If it is a $50,000 home, 30K is alot but if it is a $700,000 home, 30K may not be so much.
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Not sure of what happens with investors and if it's the same as regular sales, but in standard sales. They counter, you counter, until there is an agreement.
Are we stuck with GMACs investor's offer, or can we counter a bit lower?
I would say this home, if in perfect condition, would sell for maybe $425K at these low prices now. BUT it's not in perfect condition, and requires a lot of $$$ to get it up to liveable!
Suzi
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You can counter but who knows what the bank will do, depends on how bad you want the house. How much are you buying it for.
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Our offer was FULL PRICE cash. And they countered higher. Agent is running comps minus forclosures and short sales.
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Sorry for all the questions but why minus foreclosures and short sales?
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Ron Scribner, I was thinking the same thing...
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See? This is what drives me nuts!!
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What drives you nuts? What Ron is referring to is the listing agent and seller being the same person. There are some other issues in regards to arms length transaction.... buyer is also the occupant and seller is also the list agent.
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Our agent just spoke to the listing/seller Agent. She suggests countering at full price (our original price) with a close of 15 days. Evidently Fanny Mae is involved, whoever the h she is, but seller/agent wants this done prior to all the junk that could happen.
There is another house we like in a better location, and our agent strongly advised to offer on both and see which comes through first. My husband is doing business and has no idea of what is going on, but as soon as he walks in the door, he'll have a ton of emails.... and a margarita!
Suzi
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Permalink Reply by Wayne Brooks on
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From Susan's previous post, she is not the occupant. But Susan, for perspective purposes, what price is the property? They probably would not simply deny any counter you make and close the file, they would probably counter again, but no guarantee. I just had a $340k offer, Wells countered at $390k, buyer countered at $350k and Wells surprisingly came back at $355k. You never know.
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