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!

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We are not the current occupants.  Nobody lives in the house.  The mother of the listing agent owned the home, and a couple of years ago, she passed.

 We are the Buyers, and we intend to live in the home.  Thanks for your post and the results you posted.  I don't really want to publically say the actual price of the property, but both comps and the listing agent think it's a fair price.  GMAC's investor countered higher, so I guess the games begin!

At least GMAC responds, unlike the lady who started "Short Sale Hell" thread.  Nightmare!

I am more confused now :(  Buyer/Occupant is now buyer and not occupant?  Seller is list agent but actually mother of listing agent who is deceased is/was the owner.   

My head hurts now 

Jeff!  Not rocket science!  We are both buyer AND occupant.  Seller is list agent and her mother left her the house!  hello?

Hello?  Did you not just type this? We are not the current occupants.  Nobody lives in the house. 


OK.  You win!  We are the wannabe occupants.  BUT we are not flippers AKA investors.  Got it?

Not trying to win, trying to figure this out.  Not sure why it was relevant that you are not a flipper?  Good luck

Ron, thanks so much!  I have read on here all the Fanny Mae over appraisals that are happening, and this will go there in one month, so we need to get it done fast with a fast close.  We can do it.

I want to thank everyone for your answers.  More than I expected!

There is this other house with some nice features on more acreage in a town with a better reputation.  Price is higher, but potential is greater.  Decisions!  When you have cash...  where to spend it....

Suzi

When a bank counters an amount that low, they are just fishing for a counter from you.  ANY counter. I would start my counter as little as 2500 more and you may be surprised that they accept, or go one more round and accept slightly higher.  If they come back firm at the 30K, that is indicating that investor guidelines, most likely FHA or another GSE prevents them from accepting less at this time.

www.josephalfe.com

Thanks Joseph!

That was really helpful, and (shhhh) we are willing to pay the $30K higher, but there is a lot of work to be done at the house, so less output, more left for improvements.

We drove by and spoke to a neighbor, and now we want the house even more!  We do have right of first refusal, and since we refuse to refuse, we are pretty sure this can happen!  We countered at $10K more.  I hope you are right that they were fishing for more and might accept.  And I really like your explanation about FHA or another GSE preventing them from taking less.

Thanks again!

Suzi

Happy Ending?  We will see!  Got the verbal acceptance from the bank with a twist.  We need to close end of Jan.  We can do that.  Cash.  No problem.  Worried escrow could take longer...  Does NOT end!

Bank needs to get the letter of approval to us for signatures.............  And then we probably have 5 working days to close?  This is nuts!

I'm sure your agent is handling it, but make sure to give your title company the heads up so they can button up the title search, etc., for a quick closing date!  If there is an HOA involved, HOA's estoppel letters (statements) can be a pain to get quickly, so title company needs to move now!  Good Luck! :)

We sign escrow papers today!  It's over.  Fanny Mae backed off their high price by 10K because we said we would close by Jan 31! 

The selling agent got the title company ready before we even got that letter of approval, and when it came yesterday, we wired the funds, sign papers early today, and get the keys this afternoon.

Thanks for all your help! 

This is a stressful experience for buyers who love the home and neighbors of the short sale on which they make an offer, and your comments and answers have made this road a lot less bumpy!

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