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Home Offer

We made a an offer on a home that was just reduced by $12,900 which made the asking price $127,000 it is a lake property on small private non sport lake electric motors only 89 acres, in Oxford, MI. The home is a short sale and we had the inspection completed, the house needs a new roof and trim work inside the home is 1236 sq ft with 3 bdrms 2 full baths, dbl garage, no aircond. We offered $120,000 and the bank countered $126,000. If we counter again the seller has to approve it then does it go to the bank again for approval? What are the chances we will loose the property? Can we counter asking for anything? Our buyers agent said she included the repairs needed with our offer so the seller and bank already know it needs a new roof and still countered at $126,000? The comp for the buyers agen is $138,000. Not sure  what to do?...of course the buyers agent and listing agent say their are other interested buyers...not sure what to do...how long do we have to counter?
  • April 15 2012 - Oxford Township
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Answers (3)

It's been my experience with short sales that the lender won't make any repairs to a property.  If the comps are showing a value of 138,000. the bank already took into consideration the roof and trim work.   You have to decide is losing the house over approximately 40.00 a month is worth it to you.

Good Luck!!!
  • April 15 2012
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Profile picture for Eric Jurmo
From my experience with dealing with short sales you can counter again but it could take weeks for a response. Depending on how close the property is to redemption you might just be better accepting the $126,000 counter instead of arguing over $6,000. I realize money is money but usually once a bank comes back with a price they don't negotiate very much. I hope this helps.
  • April 15 2012
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Your agent shold tell you how long you have to counter, in Oregon it is written into each offer and counter offer.
  • April 15 2012
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