Can I make a counter offer to the bank when doing a short sale?
March 20th, 2010 by Jarad S.Question: I made an offer to short sale a home. Now after all the months of waiting, bank couter offered my offer. Can I counter offer or do i have to just accept the price the bank wants for the short sale home?
Answer: -Absolutely…a lot of being successful in this business is your ability to negotiate. Your ability to negotiate and negotiate well literally will make you thousands more or cost you thousands. If they countered with a higher price, this means they believe the house is worth more than what you proposed in your offer. You will need to explain to the lender why you believe it’s not worth that and you’ll have to back it up with comps, repair costs, market conditions, pictures, etc. You may need to even ask for another BPO (Brokers Price Opinion). Now…if it’s only a few thousand dollars and your end buyer is all lined up and as it is you stand to make a large profit from it, you might want to consider just doing the deal and moving on to the next one. You don’t want to wait another 2 months before they accept your offer because you might lose your buyer.
