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So my husband and I have found a short sale home that was listed at 148,000 dollars. The seller he would accept our offer at 160,000. We said ok, no prob. got everything done, the property appraised at 160,000. Well bank never got our appraisel in time due to our realtor, and they countered back at 210,000. I am not angry beucase they have no comparibales or the appraisel to go off of. The property is not worth 210,000. So we resubmitted our counteroffer at 160,000 again with attached our appraisel saying the house is only worth 160,000. Will the banks take that into consideration. not only that, lenders wont lend out money for more than the property is worth, meaning, anything they counter back at, If they dont accept our offer would be comming out of our own pocket, the house is a fixer uppper and needs a TON of work put in, so we also submitted the pest report and the work that needs to be fixed beofre we close. what do you guys think?! will the bank take all that into consideration, Or should we give up. its been 2 months since we put in our first offer, my realtor is saying that we will hear within a week of our counter, I am so nervous! please help
how did your process go? Did the bank accept your counteroffer?
We're in a similar situation where the BPO came back with 75K above asking price and we can't afford that and we have to counteroffer now but not sure if the bank will agree, it'll help to see how things went for you?
I wonder how the bank didn't receive the appraisal on time due to your realtor? The bank orders the appraisal and I've never known one to not have a lockbox key. They do often call the buyer's agent to make sure there is a lockbox and utilities are on, but they go on their own time schedule and send the appraisal directly to the bank. How did your realtor delay it?
On a separate note, I have had buyers counter offer lower than the banks counter and get accepted. But there is some secret formula we all wish we knew that determines how much the bank is willing to accept in a short sale.
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