Short sale: lender likely to come down? (agent, sales, accept)

[Samoi137]

Considering buying a short sale. Know that someone made an offer of $350k, and the lender came back with a price of $375k. Person making that offer did not pursue it. We want to offer $363k. Wise or, as our realtor opined, probably a waste of time which could tie is up for 3 months or more? He feels the lender's counter is likely their bottom line. Said once we make an offer, that's it, no backing out unless the lender says no or the "need to respond by" period we stipulate expires before they respond (90 days).

[Lacerta]

Short sales are totally unpredictable. Typically, for each offer, you get a new negotiator. That negotiator might agree to totally different terms than the first one. So it isn't a total waste of time, but be prepared that this negotiator is just as likely to counter back at $390k as they are to accept your offer.

As for your last line, why can't your agent write it into the contract that you have the right to walk at any point up until lender approval for any reason with no risk to your earnest money? Is that not done in your state? Heck, in my state, we have a specific form used for just that purpose.

[Jackalope78]

It's impossible to say. We made an offer of 400k on a house that was listed at 435. The bank(s) countered at 420 and we said no thanks. Two weeks later the seller's agent calls us and asks if we're still interested if the bank decides to let the place go for 400. We haven't decided if we're still interested, but just goes to show ya...