Quote:
Originally Posted by kelingdun
My client offered on a short sale here in northern california last Nov. Still waiting the bank to give the OK, but should be soon. However, the market has changed, similar house are selling about 30K less. When the bank come
back with a OK, can I counter will $30K less? Anybody tried?
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It sounds like you are acting as agent for someone and they have put an offer on a house that you expect to be accepted in the near future. You feel that market conditions now favor a lower offer and are suggesting your clients now make a lower offer. Am I getting this correct?
If so, until your clients inital offer is accepted, it can be revoked at any time by the buyer. Once the seller notifies you that it has been accepted, you no longer have legal right to counteroffer, since your offer was accepted it now becomes a contract. You need to rescind your offer and make a new offer prior to acceptance if you wish to buy at a differnt price.
If they do not accept, but instead make a counter offer to your offer in play, then you are permitted to make a new counter offer. It would not make much sense to me to make an offer lower than your existing offer if the bank does not accept it and tenders you a higher counter offer however.
Once they accept an offer you have on the table, all negotiations are over unless you wish to break your freshly made contract to restart negotiations. If I were on the other side of the table in that case, all of your offers would go immediately in the trash since you will have demonstrated that your word (ie contract) has no value to you and will only be honored if you feel like it. I would not do business with anyone with that attitude about a written contract.