Bank's counter offer higher than asking price

[FalconheadWest]

Originally Posted by Cassy Fae

Yeah. That's a good point. I'll mention that to my agent. It was her idea to do the 20k back. We initially asked for 5k back for closing costs. I think I'll try for their offer minus the 25k, so 430k. My attorney thinks the 455 is their high end so maybe they'll come down a little. I hate waiting but want to get the best deal I can.

Asking for closing costs help is completely different than asking for an escrow hold back for repairs. If it's common in your market to ask for closing costs, the bank will usually accept it as long as they still hit their bottom line needed. Repairs and warranties are things the bank won't accept.

[Cassy Fae]

Originally Posted by FalconheadWest

Asking for closing costs help is completely different than asking for an escrow hold back for repairs. If it's common in your market to ask for closing costs, the bank will usually accept it as long as they still hit their bottom line needed. Repairs and warranties are things the bank won't accept.

The way it was done was primarily through my attorney. For whatever reason the bank's attorney is not communicating with my agent. Anyhow, we settled on 435k. The bank's attorney sent out an email to all involved that all decided on 435k, 20k less than the bank's counter, to offset the cost to buyer for the failed septic. Now we're waiting on the bank again. I hope it doesn't take too long and I hope they agree. I don't know if closing costs will enter the picture. I guess we'll see with the revised P&S.