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Answers (8)
- sarahalex
- Contributions:32
I counter offer the bank on a shortsale offer. Will let you know tomorrow when they should make a decision after 3 months of waiting.
- Tristan Celayeta, "Tristan Celayeta"
- Contributions:400
The lender, the bank, did not set the asking price, the seller did. So after the seller accepted the bank declared they want more. Think about it... Although the seller is happy the bank wants a bigger slice, they are only willing to eat so much.
The seller essentialy has no interest in the sale price. They will walk away with nothing, perhaps some debt. One can always counter but remember the bank is eating part of the loan and not too keen on eating more. Your agent is probably speaking practically. You can counter but there is slim to no chance of it's acceptance by the bank.
Here is an directory to articles explaining short sales & foreclosures. It is part of an excellent real estate reference that you'll use over and again - bookmark it.
Whenever you've a question ask your agent then listen carefully. Expect an explanation as to why no counter - that's what agents are for. Perhaps this particular transaction won't work but keep at it, the market is still working for you.
The seller essentialy has no interest in the sale price. They will walk away with nothing, perhaps some debt. One can always counter but remember the bank is eating part of the loan and not too keen on eating more. Your agent is probably speaking practically. You can counter but there is slim to no chance of it's acceptance by the bank.
Here is an directory to articles explaining short sales & foreclosures. It is part of an excellent real estate reference that you'll use over and again - bookmark it.
Whenever you've a question ask your agent then listen carefully. Expect an explanation as to why no counter - that's what agents are for. Perhaps this particular transaction won't work but keep at it, the market is still working for you.
- Susanna Kunkel, "SusannaKunkel"
- Contributions:105
Aloha,
As stated by the other agents, of course you can counter. But first let me say congratulations! If you've gotten to this point on a short sale, you've exercised some patience and diligence.
Whether buying a short sale or an REO, it's fine to counter a lender. However, when negotiating it's always good to try to put yourself in the other party's shoes. In this case, it's a bank representative in a cubicle or office looking at numbers - appraisals and offers. Their value is probably based on an appraisal, which may be higher than what you feel market value is. A good way to counter is to include data to support your offer, such as a repair report with estimates covering the difference, additional market comparables. Something to "talk" to a lender in their language - numbers. For the bank, it's not an emotional process.
As suggested, it's good to work with a buyers agent who is familiar with short sales. If you'd like a referral for your area, please [content removed by moderator] or you can find an short sale specialist close to home at [content removed by moderator].
Good luck!
With warm aloha,
Susanna "Susie" Kunkel, RA
[content removed by moderator]
As stated by the other agents, of course you can counter. But first let me say congratulations! If you've gotten to this point on a short sale, you've exercised some patience and diligence.
Whether buying a short sale or an REO, it's fine to counter a lender. However, when negotiating it's always good to try to put yourself in the other party's shoes. In this case, it's a bank representative in a cubicle or office looking at numbers - appraisals and offers. Their value is probably based on an appraisal, which may be higher than what you feel market value is. A good way to counter is to include data to support your offer, such as a repair report with estimates covering the difference, additional market comparables. Something to "talk" to a lender in their language - numbers. For the bank, it's not an emotional process.
As suggested, it's good to work with a buyers agent who is familiar with short sales. If you'd like a referral for your area, please [content removed by moderator] or you can find an short sale specialist close to home at [content removed by moderator].
Good luck!
With warm aloha,
Susanna "Susie" Kunkel, RA
[content removed by moderator]
- Susanna Kunkel, "SusannaKunkel"
- Contributions:105
Aloha,
As the other agents here have discussed, when negotiating with a lender you can always counter. The lender is probably basing their price on an appraisal, which may be higher than you feel the market value is. What helps when negotiating is to put yourself in the other party's shoes...if it's a banker sitting in an office somewhere just looking at paperwork - offers, appraisals - it's not an emotional process, it's just numbers.
So if you can provide a reason for your counter that might make sense to the bank's representative, it's much more likely to be accepted - such as repair estimates for work needed, etc.
It's probably too late now, but as suggested, it's good to have a buyers agent who is knowledgeable about short sales. You can find one in your area at [content removed by moderator]. or I'm happy to help with a referral.
Good luck, and hang in there!
Susanna Kunkel, RA, CDPE
[content removed by moderator]
As the other agents here have discussed, when negotiating with a lender you can always counter. The lender is probably basing their price on an appraisal, which may be higher than you feel the market value is. What helps when negotiating is to put yourself in the other party's shoes...if it's a banker sitting in an office somewhere just looking at paperwork - offers, appraisals - it's not an emotional process, it's just numbers.
So if you can provide a reason for your counter that might make sense to the bank's representative, it's much more likely to be accepted - such as repair estimates for work needed, etc.
It's probably too late now, but as suggested, it's good to have a buyers agent who is knowledgeable about short sales. You can find one in your area at [content removed by moderator]. or I'm happy to help with a referral.
Good luck, and hang in there!
Susanna Kunkel, RA, CDPE
[content removed by moderator]
- Parafly
- Contributions:1
You can certainly counter. It might mean they say no, but that's the art of negotiation!
- wetdawgs
- Contributions:23367
Of course you can counter. Of course, it may take another three or six months.
Assuming you wish to finance the place, the appraisal must be in line with your offer so if you overbid you may be in trouble at financing time.
Assuming you wish to finance the place, the appraisal must be in line with your offer so if you overbid you may be in trouble at financing time.
- Pat Samson, "NVA Realtor"
- Contributions:45
You can always counter offer any offer! It's a negotiation process that is a gamble on both sides. There are so many variables in any negotiation. Does the Bank have other offers? How long has the property been on the market? Is it a big National Bank or a local Regional Bank? So many questions and potential answers. This is why it's best to have a "buyers agent" representing you in the negotiation process. Realtors are trained and have the experience needed to handle this type of transaction. We do this 365 days a year! Good luck and hang in there...you never know in a negotiation!
- Scott@Penner Law -Hartford Title-, "pennerlaw"
- Contributions:280
The bank is really in the drivers seat on a deal like this. If they say they want $19k more, it's going to be difficult to move them out of that position, because that means they feel they could get more at foreclosure than you are offering.
Can you counter? I don't see why not - but it's generally tough to move a bank unless you wait a good period of time and it hasn't sold for anything higher.
Can you counter? I don't see why not - but it's generally tough to move a bank unless you wait a good period of time and it hasn't sold for anything higher.
Can we counter offer on a bank's short sale offer?
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