Zillow Advice: Home Buying - Short Sale - Counter offer after inspection with an As Is contract

Please keep this situation ...

Wed, 01 Jul 2009 01:18:00 GMT

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

The acceptance timeframe ...

Wed, 01 Jul 2009 00:04:00 GMT

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!

The agent is really being ...

Tue, 30 Jun 2009 21:38:00 GMT

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.

Hi Topdog, ...

Tue, 30 Jun 2009 13:52:00 GMT

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.