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Short Sale - Counter offer after inspection with an As Is contract

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topdog745

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Citti-Bank has accepted our Short Sale As Is offer, for 155K, w/$45,000 est. to  fix is $25,000 based on inspection by a construction superintendent who is qualified with many years of residential construction experience, but who is not a licensed home inspector.  Unforeseen problems will increase repair costs as much as $10,000, ie.  We allowed up to $2000 for unforeseen problems. We. have asked that these unforeseen costs be split by reducing the purchase price by $5,000. The listing agent advised he has back up offers on the table, he has requested an addendum to the contract to reflect the reduced price offer with attachments to justify price change since this is an  As Is Contract. We still have a few days to cancel and get our deposit back or  to add to the deposit and agree to buy the house as is, We would like to work this out fairly if possible. Broker advised it may take as long to get a reply as it did to get the original acceptance - about a month. He also advised that the bank could accept or decline the offer and we would lose the house if they decline. My thinking was they could say yes but if they say no we still would have time to cancel and get the deposit back or we could decide to bite the bullet and eat the difference. I read that counter offers like this should only take a day or 2 since all the short sale work has already been done. If the bank declines the offer, after the expiration of our acceptance date in the original offer,  can we still move forward with the original price if we wanted to or is the deal? Any advice or similar experience is appreciated.
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June 30 - Boynton Beach
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FloridaHouses

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Hi Topdog,

    Are you  confident in the repair estimate?  Speak with a Real Estate Attorney. 

    As for the listing agent saying there are other offers on the table, they may or may not be viable offers.  Many times additional offers come in and the prospective buyer knows they are placing a backup offer.  By the time a decision comes through from the bank, they may have already moved on to something else.

    Whatever you decide, good luck.
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June 30
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Lisa Reeves, "Lisa Reeves"

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The agent is really being very honest with you.  He isn't trying to make you take a deal.  When you think about the bank don't think about a person making a decision - think of them like a computer - it follows specific numbers and charts to make a decision.  There is no speculation and there is no oh gee we are already in contract let's just make a quick answer and move forward.  Any change in price will create a request for a new BPO and their own inspection.  So yes - 15-30 days is not out of the question. If the bank feels like you are wrong - yes they will cancel and move on.  Is it logical? Probably not. But anytime you renegotiate a contract it opens you up to a cancellation - your problem is that a bank really doesn't work on the emotion of fear - the losing of a contract.  Good-luck.
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June 30
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mysql

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The acceptance timeframe as defined by the contract may end up being ignored if both parties still want to continue. Right now I'm still negotiating for a house and it's almost 3 weeks past!
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June 30
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rjon.101

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Please keep this situation updated, it seems interesting and I and hopefully others may be able to learn something from this.  this is the good stuff that zillow is good for. thanks
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June 30
 

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Discussion Short Sale - Counter offer after inspection with an As Is contract
  • Last reply by rjon.101
  • June 30
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