Sat, Jul 04, 2009
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SHORT SALE: Can I Change My Offer After An Inspection If The Bank Already Approved The Offer |
DoubleDunny
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Posted: 12:35 on 10-22-2008
The bank just approved my offer for a short sale. The sheriff sale was in September and mortgage reverted back to the bank. I had my inspection and more repairs came back than I had anticipated. Can I ask the bank to reduce the price further now? Or will that cause me to have to go through the entire approval process again. It took the bank 2 months to approve my the original offer, so if I come back with one 20K less, will they take another 2 months to act on it? Thanks!
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rglover548
450 Posts
Member Since: 06/20/2005
New Orleans, LA
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Posted: 13:50 on 10-22-2008
Just be prepared to take the loss of your escrow and all funds you used to 'lock' the place up. It would take 2 more months for the bank to review and change docs, so they may not even agree to consider a price reduction request.
Hopefully you will not lose more than 5k & fees. It may be worth it if you think you overpaid by 20k.
Good luck
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PMP
54 Posts
Member Since: 07/25/2004
Omaha, NE
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Posted: 16:42 on 10-22-2008
I recently had a short sale accepted but after more analysis and inspection decided I had to reduce my offer. The lender refused to accept a lower offer. I didn't close and didn't lose anything, but I was called a liar by the loss mit rep and I suspect I may be on a "bad" list with that lender.
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rglover548
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Posted: 22:07 on 10-22-2008
""I was called a liar by the loss mit rep"" well that even cheaper, $0 costs.
Ive never done a short sale, i would have thought they forced a good faith down payment on offers. But if you can make a short sale offer without a deposit, thats ok with me! im not the seller.
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rei04
42 Posts
Member Since: 02/20/2005
Baltic, CT
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Posted: 23:42 on 10-22-2008
I have renegotiated short sales many times. It always depends on the negotiator though. One house I did, i got the bank to drop their price three times (I had legitimate reasons and I typed letters explaing them. such as a pipe bursting and flooding the house)
I have also lowered my offer because a bank took too long and I explained that I could no longer pay what I offered cause other houes in the area are selling for less now.
This may take a nother month or two. It all depends if you are willnig to risk ur deal to get a better price.
Brian Ducharme
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NewKidInTown3
2079 Posts
Member Since: 09/01/2005
Frederick, MD
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Posted: 07:13 on 10-23-2008
Quote:
| On 2008-10-23 03:07, JeffAdams wrote:
It is easier to ask for permission than forgiveness.
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Actually, it is just as easy to ask for either.
The quote "It's easier to ask forgiveness than it is to get permission" is attributed to Grace Hopper, For those who are not computer programmers, Grace Hopper is the mother of the Common Business Oriented Language (COBOL) .
[ Edited by NewKidInTown3 on Date 10/23/2008 ]
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