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Short sale offer status

June 22nd, 2011 at 08:07 pm

Just got this email from our realtor about the offer we put in on that short sale house.

"I met with the listing agent for the house this morning and she brought me up to date on her conversations with the lender. She's pretty confident that they aren't going to accept your offer (we already figured that) but she's trying to get them to come back with something reasonable. They evidently have two Broker Price Opinions saying the house is worth $100k more than what we offered. She is telling them that it isn't, and the fact that your offer is the highest one of the only two offers they've had in 5 years is proof. She's hoping to have a counter offer in the next week or so. One thing to keep in mind, whatever they come back with, they are going to want you to pay the seller's closing costs. She said they are hung up on not allowing the seller to pay them. Not uncommon with short sale deals."

It's amazing to me how a bank sitting halfway across the country would want to be stubborn about this. On paper, the house may be worth what they say, but in reality, it isn't because of the condition it is in. It's only going to be worth what someone is willing to pay for it and apparently, our offer is the highest of the two the agent has ever received over the course of the 5 years for this property.

Posted in GOALS | 5 Comments »

5 Responses to “Short sale offer status”

  1. ThriftoRama Says:
    June 22nd, 2011 at 08:52 pm 1308775978
    1308775978

    Free market, as in this house is worth what someone is willing to pay for it, only has limited application in home sales. That is frustrating. Has it really been for sale for 5 years?

  2. baselle Says:
    June 22nd, 2011 at 10:04 pm 1308780248
    1308780248

    Unfortunately, the bank can be stubborn about this from a business perspective. Its part of "shadow inventory". Money is fungible, the bank is probably getting plenty of easy money from the FED so they can sit on their haunches, waiting for something, never book their loss, all to "extend and pretend".

    Are you sure you'd want a house that's been essentially abandoned for 5 years?

  3. Looking Forward Says:
    June 23rd, 2011 at 12:09 am 1308787786
    1308787786

    **groan**

  4. all4money Says:
    June 23rd, 2011 at 01:11 am 1308791519
    1308791519

    Yes, I knew it had been vacant for at least the past 5 years. The owners of the home were relocated due to a job move and had tried to sell it themselves for a few years. They had absolutely no offers since the market was tanking at the same time and the owners had listed the house at way too high of a price for the market. Within the past few months, they just now went into the short sale process which got us interested because the pricing was finally coming down to where it should've been in the beginning.

  5. Jerry Says:
    June 26th, 2011 at 07:54 pm 1309118094
    1309118094

    That's both sad and hilarious all at once... people can be so funny when they try to lead themselves to believe that they are in a better bargaining position than they actually are! Hey, it's their loss if they don't want to play ball, I suppose. Two offers in five years doesn't exactly offer them a lot of insurance that people will be beating down their door anytime soon. Good luck to you, and I hope they come to their senses!
    Jerry

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