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Short Sale - Counter offer came in

June 27th, 2011 at 01:22 pm

We received a counter to our offer on that short sale house. The list price was $395k. We offered $300k due to the extremely poor condition of the house. The bank has countered at $375k. The bank's listing agent is so frustrated because she tried to get them to accept our offer since it was the best one that they had received in 5 years. At least they didn't shut us down completely like they did with the people who offered less than $300k before us. So, now what do we do? Our max that we would pay is $310k in all honesty and it doesn't look like the bank wants to go down that low at all. Guess we'll go back with $310k and just walk away if they don't take it, but I so want this house!! Ugh!

4 Responses to “Short Sale - Counter offer came in”

  1. rob62521 Says:
    1309182633

    One would think that the bank would prefer getting some money instead of no money. Hope it works out and you get the house!

  2. LittleMsMom Says:
    1309182647

    What is the Square Footage of the House, How many bedrooms and Bathrooms?

    What is the average cost per square foot for the area you are buying in. The average cost per square foot might help you support your offer, or modify your counter offer if the bank is using pre downturn values.

  3. creditcardfree Says:
    1309182721

    Sorry that it doesn't look good. Another offer on your end is a good idea though.

  4. baselle Says:
    1309199673

    Stick to your guns and walk away if necessary. Remember that if you were the best offer in 5 years its not as if the house going to be bought from under you.

    If the bank would much prefer to extend and pretend rather than get some money, well, they've got their wish. Your job is NOT to support the bank.

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