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I made an offer on a short sale back in November and just got bank approval a week ago. We did the inspection and some major repairs are needed on the home, which we didn't account for in our offer price. We have decided to add an addendum to our real estate agreement lowering the price to reflect the amount of work we would have to put in this house. The closing date is set for 3/20, and the home is in foreclosure. The owners have moved out, stopped paying their mortgage, and the general condition of the home has deteriorated. According to the foreclosure notice, the bank is to take possession of the home on 3/26. We are hoping the bank doesn't want to take on the home, so they will accept our lower offer. However, from what I have read so far, this seems very unlikely. Has anyone successfully negotiated a lower price on a short sale after the bank has approved the original offer?
Yes, that is possible. The contractors estimates would help in that regard.
That makes sense to me also, but the bank negotiator doesn't want them, just our offer price. So, we've submitted our new price, and now we'll see. I just hope this doesn't start almost 4 months of waiting over again. I can't do that again.
FYI -- we're closing on a short sale this Wednesday. There were MANY things in the house we knew would need upgrading. The inspection revealed we needed the boiler flue replace immediately at a cost of $1900. We didn't think the bank would go for it, but we thought we'd try anyway.
THEY DID!! Couldn't believe it. Our short sale has gone very smoothly (knock on wood), and as my husband pointed out, they have agreed to everything we asked for.
FYI -- we're closing on a short sale this Wednesday. There were MANY things in the house we knew would need upgrading. The inspection revealed we needed the boiler flue replace immediately at a cost of $1900. We didn't think the bank would go for it, but we thought we'd try anyway.
THEY DID!! Couldn't believe it. Our short sale has gone very smoothly (knock on wood), and as my husband pointed out, they have agreed to everything we asked for.
They may not want to accept a lower price, but maybe a seller subsidy instead.
It's a credit back after closing. Say you want the carpets replaced. Instead of the homeowners replacing the carpet before you take over, they credit you $3500 so you can replace the carpet with whatever you want.
FYI -- we're closing on a short sale this Wednesday. There were MANY things in the house we knew would need upgrading. The inspection revealed we needed the boiler flue replace immediately at a cost of $1900. We didn't think the bank would go for it, but we thought we'd try anyway.
THEY DID!! Couldn't believe it. Our short sale has gone very smoothly (knock on wood), and as my husband pointed out, they have agreed to everything we asked for.
Well, this gives me hope. I would think the bank would want to get rid of this property instead of take it on. We just noticed that after we lowered our offer price the listing agent lowered the asking price on the MLS. It's still $10K more than our offer price, but maybe this means the bank is willing to take a lower offer. I just hope they aren't waiting for more offers to come in (which is what I think), and we have to wait another 3 months before we know. I can't take the waiting much longer!
I don't care what they say...include the estimates and pictures if it is cosmetic in nature.
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