Bank asks seller to pay monthly after short sale? (contingencies, negotiations, agent)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
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 $$$$/month for numerous years after the sale, equal to about 120K.
Our buyer agent told us to forget this one since there is no way the seller will accept that kind of a counter offer from the bank. Has anyone ever heard of such a thing? Should we give up or is there some other avenue we could pursue?
It depends on who is negotiating for the seller. If an attorney is negotiating, things go a little smoother. If a very experienced agent is negotiating, things can go smooth too. If an inexperienced person is trying to navigate these negotiations, you have problems and you're not going to get anywhere very quickly.
You need to figure out what your situation is before you decide to stay or move forward.
And yes, this is heard of. With the Debt Relief Act, it has become less common, but that's expiring at the end of the year unless Obama extends it and more sellers will be expected to pay.
Made a full price offer on "banked priced" short sale, no contingencies and not asking for help with closing costs. Seller accepted (Yes, I know that doesn't really mean anything). BPO completed and 3 weeks later bank sends seller 'counter" accepting sale price but requiring them to pay $$$$/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.
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.
Appreciate the opinions, thank you. We have decided to stick it out and see what happens.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.