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Old 12-13-2012, 01:14 PM
 
6 posts, read 6,810 times
Reputation: 17

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Made a full price offer on "banked priced" short sale, no contingencies and not asking for help with closing costs. Seller accepted (Yes, I know that doesn't really mean anything). BPO completed and 3 weeks later bank sends seller 'counter" accepting sale price but requiring them to pay $$$$/month for numerous years after the sale, equal to about 120K.
Our buyer agent told us to forget this one since there is no way the seller will accept that kind of a counter offer from the bank. Has anyone ever heard of such a thing? Should we give up or is there some other avenue we could pursue?
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Old 12-13-2012, 01:49 PM
 
Location: Austin
7,244 posts, read 21,735,293 times
Reputation: 10013
It depends on who is negotiating for the seller. If an attorney is negotiating, things go a little smoother. If a very experienced agent is negotiating, things can go smooth too. If an inexperienced person is trying to navigate these negotiations, you have problems and you're not going to get anywhere very quickly.

You need to figure out what your situation is before you decide to stay or move forward.

And yes, this is heard of. With the Debt Relief Act, it has become less common, but that's expiring at the end of the year unless Obama extends it and more sellers will be expected to pay.
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Old 12-13-2012, 03:08 PM
 
Location: Texas bound!
28 posts, read 67,419 times
Reputation: 20
Interesting that the bank priced it and then asked the seller for more money. Are you sure the bank priced it?
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Old 12-13-2012, 08:20 PM
 
Location: Oro Valley AZ.
1,024 posts, read 2,738,484 times
Reputation: 1196
Quote:
Originally Posted by Pete&Fam View Post
Made a full price offer on "banked priced" short sale, no contingencies and not asking for help with closing costs. Seller accepted (Yes, I know that doesn't really mean anything). BPO completed and 3 weeks later bank sends seller 'counter" accepting sale price but requiring them to pay $$$$/month for numerous years after the sale, equal to about 120K.
Our buyer agent told us to forget this one since there is no way the seller will accept that kind of a counter offer from the bank. Has anyone ever heard of such a thing? Should we give up or is there some other avenue we could pursue?
Yes it happens, I had two of them myself this last year. In both cases the sellers agreed to the payment and my buyers got the home they wanted. In one case it was a home equity loan that they had to agree to pay back the other case the home was a second/vacation home they agreed to a settlement amount to pay back. Banks don't just automatically write everything off. If they have assets the bank is going to try and get what they can.
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Old 12-13-2012, 11:16 PM
 
6 posts, read 4,992 times
Reputation: 10
Default Bank asks seller to pay monthly after short sale?

Quote:
Originally Posted by FalconheadWest View Post
It depends on who is negotiating for the seller. If an attorney is negotiating, things go a little smoother. If a very experienced agent is negotiating, things can go smooth too. If an inexperienced person is trying to navigate these negotiations, you have problems and you're not going to get anywhere very quickly.

You need to figure out what your situation is before you decide to stay or move forward.

And yes, this is heard of. With the Debt Relief Act, it has become less common, but that's expiring at the end of the year unless Obama extends it and more sellers will be expected to pay.
Yes i agree with your,,,,,,,,,,,,,,,,,,,,,,,,, views.
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Old 12-17-2012, 01:45 PM
 
6 posts, read 6,810 times
Reputation: 17
Appreciate the opinions, thank you. We have decided to stick it out and see what happens.
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Go Back   City-Data Forum > General Forums > Real Estate > Foreclosures, Short Sales, and REOs
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