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I made an offer on Short Sale property back in July, they came back asking to re-submit due
to multiple bids situation. Re-submited higher, cash offer, which has been accepted.
The offer/contract was submitted to BoA, and my agent assured me that everything should go smooth.
After months of waiting, I kept sending currents PoFs, signed all paperwork, etc. and was patiently waiting. Now, all of a sudden they came back to me, saying that the loan was sold to the investors, and they are telling me to submit new, higher offer, given that the original price was ~$10K lower (on a Condo), nonetheless it was cash offer accepted months ago.
Needless to say, I am frustrated and disappointed.
I don't feel like paying more than I originally offered and decided to stay at my original offer.
Any other suggestions?
If they withdraw, at this point, can I sue for breach of contract?
Is it economically feasible for them to lose the sale, and having to repeat the process
for several thousand dollars?
Any feedback would be much appreciated.
Thanks!
I don't think there is anything you can do besides counter offer. I don't know if they are legally bound to sell to you. I believe te short sale addendum states that they can back out at anytime. I hear that short sales fall through all the time and it is definitely frustrating when you have waited for so long.
In a short sale there are three components 1) Buyer, 2) Seller and the 3) bank. Agreement with you and the seller go pretty smoothly. the difficult step is the seller and the bank. This process is time consuming and is standard back and forth. In your case the seller or his short sale agent is negotiating to minimize the sellers payment and the bank's negotiator is trying maximize the banks recovery. If I am reading it correctly the seller has accepted your offer and has asked the bank to absorb the difference also called the deficiency. The bank in return has said to the seller we want more and hence the seller has resorted to asking you to raise the offer. Hope this helps and good luck.
Yes them which is 99% likely the bank is asking for more money. That is the pitfall of a short sale. FYI my short sale took 9 months from the first offer to closing. The sellers bank was with BOA too. I'm surprised you made an offer on a short sale without knowing everything that could happen with it. Your agent should've at least informed you it could happen.
My experience with buying short sale. Keep it short.. the longer it gets drag out, chances of closing lowered. Market changes and I'll suggest that any counter offer you make, make sure you can close fast. At this point, you may want to re-evaluate the value of the property and forget the original offer.
It's so typical of SS.. that's why don't fall in love with it until you get the HUD and even at that point.. it's not guarantee.
I don't think there is anything you can do besides counter offer. I don't know if they are legally bound to sell to you. I believe te short sale addendum states that they can back out at anytime. I hear that short sales fall through all the time and it is definitely frustrating when you have waited for so long.
This. And I think your agent made a mistake assuring you that everything would go OK. The truth is that with a short sale you may be in escrow for months and the deal will fall through. There is no way to know and your agent had no reason to be saying that. You just have to be patient and willing to take your chances with those.
I'm going through the same thing, but it has gone fast for us. Made an offer of $206k Feb 23, went through inspection & everything, this past Monday the bank countered at $220. Tuesday we countered at $210, and we are waiting to hear back. I thought it would take longer to hear anything from the bank. (BOA as well). Trying not to think about it too much
I'm going through the same thing, but it has gone fast for us. Made an offer of $206k Feb 23, went through inspection & everything, this past Monday the bank countered at $220. Tuesday we countered at $210, and we are waiting to hear back. I thought it would take longer to hear anything from the bank. (BOA as well). Trying not to think about it too much
Hope that it will continue to go smoothly for you but that's not usually where the hold up is. Until you get the HUD that everyone can agree on, it could drag on for months.
I'm going through the same thing, but it has gone fast for us. Made an offer of $206k Feb 23, went through inspection & everything, this past Monday the bank countered at $220. Tuesday we countered at $210, and we are waiting to hear back. I thought it would take longer to hear anything from the bank. (BOA as well). Trying not to think about it too much
Good luck with your sale.
I'm in IL, first time home buyer so I just trusted people I work with as I don't have much experience with this. We'll see what's gonna happen.
I made an offer on Short Sale property back in July, they came back asking to re-submit due
to multiple bids situation. Re-submited higher, cash offer, which has been accepted.
The offer/contract was submitted to BoA, and my agent assured me that everything should go smooth.
After months of waiting, I kept sending currents PoFs, signed all paperwork, etc. and was patiently waiting. Now, all of a sudden they came back to me, saying that the loan was sold to the investors, and they are telling me to submit new, higher offer, given that the original price was ~$10K lower (on a Condo), nonetheless it was cash offer accepted months ago.
Needless to say, I am frustrated and disappointed.
I don't feel like paying more than I originally offered and decided to stay at my original offer.
Any other suggestions?
If they withdraw, at this point, can I sue for breach of contract?
Is it economically feasible for them to lose the sale, and having to repeat the process
for several thousand dollars?
Any feedback would be much appreciated.
Thanks!
I am shocked your agent thought things would go smoothly with BOA involved. I tell my customers to run from any short sale where the lender is BOA.
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State?
