Profile picture for Optimus012

Short sale and bank comes back with a high counter

It's been only a few weeks awaiting for short sale approval and the bank already countered my offer with 525K. My original offer was 465K. The comparables seems to be around my offer price so I'm not sure why the bank's asking for so much. I know the BPO must have been high but still. I'm going to counter at 470K final offer. Does anyone think this has a chance? I don't think so but my agent seems to think there is a good chance. She plans to send in lower comparables with my counter.

I haven't been looking for houses but after receiving that counter, I'll probably continue my search. I heard it can take a few weeks to a month to answer that counter. What a waste...
  • July 11 2012 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (12)

Seems the BPO was unrealistic. You are right, the bank made a huge mistake on that one..and will again I am sure!
  • September 11 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Optimus012
Updating because I just thought it was funny. I ended up backing out awhile ago and eventually it was approved at 500K. No one is buying it and now it's listed at  460K, 5K lower than my first offer.

That's what a bank gets when they're greedy.
  • September 11 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Optimus012
BUMP

We had an update that the bank is asking for the HUD net sheet of our final offer at 470K. Is that a good sign that they might approve or do they always ask for HUD net sheets for short sale offers.
  • July 26 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Optimus012
My agent told me based on his comparables that he's sending to the bank, the house is worth about 480K. If that's the case 470K seems reasonable. The house to me needs some fixing up in the bathrooms and possibly the roof, but my agent says the bank doesn't care about that because it's cosmetic.

I'm not totally crazy about the house, but it's the only house I like right now because of the area and set up inside of it. I've seen a lot of houses and there's always something that bothers me about them.
  • July 12 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Are you able to talk to person at the bank?  Sometimes that works if you're really set on having this house -- fight for it.
  • July 12 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for MBExclusive
We recommend asking the bank for their comparables and offering 470 with other lower comparables. Best of luck!
  • July 12 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I would ask to see the comps the bank used and compare them to your comps. If your price is market value, then submit your best offer and ask your Realtor to explain the comps you used to arrive at your offer.  It is always possible that the person doing the BPO for the bank is not familiar with the area.

Good Luck

LInda
  • July 12 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Ofe Polack
You can only offer what you have been approved for. Go for it, you may get it! Good luck!
  • July 11 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I would ask for a copy of the appraisal the bank had completed. I would then look at what comparable sales were used in the appraisal vs the comparable sales your agent is using. Generally, the only comparables used in an appraisal are those that closed escrow with in the last 90 days.
Good Luck to you!

  • July 11 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Optimus012
Well my problem is I only qualify up to around 470K. Even if I wanted to, I couldn't up my offer further.
  • July 11 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for BarbaeAvery
Good luck. Ask yourself can you live without this house, do you just have to have it?  If the answer is no you can't live without it, buy it, if the answer is yes I can live without it, then let the bank have it. 
  • July 11 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I don't believe your counter has much of a chance. The bank has probably already made up its mind. Take your time and keep looking. I'm sure finding a home that has the qualities you are looking for is just around the corner.
  • July 11 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.