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Old 03-19-2014, 05:34 PM
 
581 posts, read 1,242,111 times
Reputation: 342

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I am trying to buy this short sale and I feel I am getting the run around by the selling agent. When I made the initial offer on this short sale my agent and selling agent agreed that it seems fair. My agent called me a week later to tell me that the offer was 10k less than what the bank wanted and if i can up the offer. I am assuming that the selling agent is in contact with the bank and that's how he got this info. I agreed to the 10k increase. My agent said he will let the seller's agent know. All this was around mid february or so of this year.

Time went by and I got a call from the lawyer that he received the sale contract...between myself and the seller and i should review and come in and sign. He sent me a copy of the contract and I noticed that they draft it with the ORIGINAL offer and not the new agreement of 10k increase. I said I will sign it and have them sent the package as i rather get the house for less rather than more.

Well, I signed this contract on MONDAY. On TUESDAY I received an email from my lawyer that my offer was rejected by the bank, and that the sellers agent suggest I increase by 10k...which was previously discussed. This is why I am confused as to why they draft the contract with the original offer in the first place.

I again agree to the increase of 10k and this info was sent to the sellers agent YESTERDAY/TUESDAY. I got a call TODAY/Wednesday from my agent that the revised offer, which is the increase of 10k was denied by the bank and that the bank is looking for 15k over the list price. House was listed for 260k, then it fell to 245k. my offer is 240k.

I feel as if nothing is being submitted to the bank and I am getting the run around. I feel they are slowly trying to price me out of the house for whatever reason.
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Old 03-19-2014, 06:54 PM
 
Location: Austin
7,244 posts, read 21,755,019 times
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Banks don't respond that quickly, and if yours is, you should jump on that band wagon to get the house closed if you want it. I've been working a short sale with a seller where it will be 12 months at the end of the month. Yes, a YEAR, and they have not countered the cash offer price yet. They just keep asking for more and more pay stubs and bank statements and financials worksheets as each week and month goes by as they need to update the file. They haven't even looked at what the buyer is offering yet because they're still making sure they want to approve the seller for the short sale.

What you're describing is not typical, so you need to ask more questions. And, by the way, a bank can ask you to counter, and you can say no. Most cases, the buyers know they're getting a good deal, and will increase their offer, but if you're up at market value (I don't care about the asking price as that's meaningless), real market value, tell them no. If you know it's still under valued and you want the house, you need to understand that they're trying to get closer to market value before they move forward, and it's that simple. There are no emotions for the bank people. It's all numbers.
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Old 03-19-2014, 07:09 PM
 
Location: Salem, OR
15,539 posts, read 40,308,808 times
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The situation sounds weird to me. Banks usually give a written letter that states their conditions for approval which includes the price they want with the closing date they want. We don't use attorneys in Oregon so maybe the process is different where you are.
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Old 03-19-2014, 09:50 PM
 
581 posts, read 1,242,111 times
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Nothing was ask of me from this bank. Nothing. I am not sure how to go about this situation because the person that's suppose to be representing me is simply passing on information.

Can A short sale be submitted to the bank without a contract signed by both the buyer and seller? What information is usually needed when submitting to the bank?
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Old 03-19-2014, 10:56 PM
 
Location: Long Island
9,926 posts, read 23,090,299 times
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Quote:
Originally Posted by Thehouse View Post
Nothing was ask of me from this bank. Nothing. I am not sure how to go about this situation because the person that's suppose to be representing me is simply passing on information.

Can A short sale be submitted to the bank without a contract signed by both the buyer and seller? What information is usually needed when submitting to the bank?
No lender will consider an offer without a fully executed contract, sorry.
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Old 03-19-2014, 11:46 PM
 
581 posts, read 1,242,111 times
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Quote:
Originally Posted by Elke Mariotti View Post
No lender will consider an offer without a fully executed contract, sorry.
Which means these people are not submitting my offer. I signed the contract Monday, they came back to me on tuesday that my original offer was rejected. I countered Tuesday, they came back to me Wednesday that my offer was rejected.

Should these rejection be written or by word of mouth by the bank?
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Old 03-20-2014, 12:31 AM
 
Location: Long Island
9,926 posts, read 23,090,299 times
Reputation: 5902
Quote:
Originally Posted by Thehouse View Post
Which means these people are not submitting my offer. I signed the contract Monday, they came back to me on tuesday that my original offer was rejected. I countered Tuesday, they came back to me Wednesday that my offer was rejected.

Should these rejection be written or by word of mouth by the bank?
It depends on whom the seller/listing agent is dealing with. Not all note holders are bank; some are investors. Some are easier to deal with than others. Dealing with short sales can be a PITA.
Just had one fall through for my buyers because the note holder (in this case a bank) didn't accept the seller's hardship.

My buyers are out the money for the inspection and in this case the appraisal as well. The attorney has agreed not to charge them this time around because they will use them for the next transaction (a bit of a favor to me, because I refer them a lot of business).
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Old 03-20-2014, 05:17 AM
 
581 posts, read 1,242,111 times
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Ok Elke. Somehow I feel someone is manipulating me just so that the property is sold to an investor friend. Things just doesn't seem right.
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Old 03-20-2014, 09:22 AM
 
8,563 posts, read 12,339,419 times
Reputation: 16473
You should ask your agent to get the bank to put their response in writing--including any conditions or price requirements. You shouldn't need to contend with any verbal games.
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Old 03-20-2014, 10:41 AM
 
581 posts, read 1,242,111 times
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As of right now I am not too happy with the way he is handling the situation .I don't think he is helping me fight the battle. Its whatever he is told he relays to me and that's it. So now I feel like a fish out of water because I trust none of them.

He is saying that the bpo came out 15k more than list price and bank wants that instead of list. This house imo doesnt worth it as it needs a roof, no appliances including washer and dryer and it needs extensive updating . The roof is leaking as we speak.

Right now I'm just riding the wave to see if they'll lower the price and demand my downpayment back. But I feel I am getting the run around and I have no one to turn to. I wish I could contact the bank myself
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