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Well, I tell ya... if someone can figure out how the banks work, will they let me know? I've been through some really crazy transactions with short sales lately. Never a dull moment - and no two transactions the same!
The funny thing is, just 2 days before they came back with "$185,000", the listing agent told us that there was something in our file that indicated that "the offer was in line with the BPO." I was happy about that, and then the bottom dropped out with this high counter offer.
Perhaps peachstategal was right, and they're going to try and find a middle ground with us. I just wish they would have went that route to begin with, as we'd be signing papers right now.
I would counter with your original offer at $147K final offer, especially if you have a high cash component to it. Since it's in line with the BPO, that's probably what they'd take.
You have to play hardball with them, and you're probably more in the drivers seat than you think. Tell your agent you'll move on if they don't accept, don't trust anyone these days.
That's what you get for messing with a SS. 300K homes for 200K? Hahaha, more like 300K is now 67K........BPO is a farce, also. You made a deal with somebody to buy something that does not belong to them...............
A couple of years ago I made an offer on a short sale just south of Tampa. House had been on the market for almost 9 months. From the outside the house was really cute. Inside was TRASHED. There were plumbing problems everywhere there was plumbing and a lot of damaged drywall in both bathrooms, plus a tub that was about to fall through the floor. Then there was the mold. Both bathrooms and the kitchen were going to need to be gutted. The homeowners had punched holes in every single wall and door. Even DIY it was going to take a lot of $$$$ to make the place habitable.
I made my offer based on recently closed comps plus the condition of the house. The bank ordered a BPO, which apparently does not involve someone actually going inside the house. They countered with something insanely over the asking price and refused to budge. Their counter was not even close to comps. My agent provided dozens of pictures, a stunning CMA, plus quotes from contractors. We countered. Zip, zilch, nada from the bank. We walked.
The house foreclosed. Then the house got condemned.
My advice to you is to counter with your best offer. If the bank does not come down to where your research tells you the house should be, walk. There are plenty of other houses in your area to love.
New development, and I'm not sure what this means, but the day after the bank countered with the $185,000, the status of the house went from "pending" to "withdrawn." What does that mean??? I have a call into my agent but haven't heard back yet. We haven't even had a chance to respond to the $185,000, so I'm not sure what is going on!
New development, and I'm not sure what this means, but the day after the bank countered with the $185,000, the status of the house went from "pending" to "withdrawn." What does that mean??? I have a call into my agent but haven't heard back yet. We haven't even had a chance to respond to the $185,000, so I'm not sure what is going on!
"Withdrawn" means it's no longer for sale. Could any number of reasons. Your agent may be able to contact the listing agent to find out why.
No longer for sale because they're negotiating with us? Or no longer for sale because they're dumping us??? I don't get it at all. Boy this is frustrating...
No longer for sale because they're negotiating with us? Or no longer for sale because they're dumping us??? I don't get it at all. Boy this is frustrating...
I would not expect to see a "withdrawn" status if they were still considering your offer, but you will have to find out from the listing agent what is going on with it.
OK, my agent called the listing agent and found out why it was listed as "withdrawn." As it turns out, the listing agent is changing real estate companies, so the listing was shown as "withdrawn" with the old company and is "pending" with the new company. Whew! We're still in the running for this house. I think we're going to counter at $160,000 (listing price, which I think is fair) and see what happens from there.
...As it turns out, the listing agent is changing real estate companies, so the listing was shown as "withdrawn" with the old company and is "pending" with the new company....
Glad you found out. You may just want to verify the status with the new company. Here, an MLS status of "pending" would mean the seller has accepted an offer and it's now in escrow, pending final close. May mean something else where you are.
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