Friday, February 17, 2012

Can The Bank Raise The Price In A Short Sale Counter Offer ...

questions

Q: We are trying to buy a short sale home. We offered a price, the bank countered and we accepted. Then they countered their own counter! Is that allowed?
?Msmistyb, Amherst, OH

A: The bank should have put into writing and signed what they agreed to and if they did not, it will be difficult to enforce the original agreement. You need a good agent who knows how to handle these issues. I recommend an exclusive buyer?s agent. Their duty is to YOU, not the deal.
Linda Walters is a Realtor? with Sage Realty LLC in Wayne, PA.

A: Dear Ohio,

Anything is allowed with short sales, unfortunately, because there is all that fine print. However, just be warned that this may be a harbinger of their future behavior. Obviously the house is worth the aggravation!
Ginny Ollis is a Realtor? with Coldwell Banker Residential Brokerage ? San Diego Mission Hills in San Diego, CA.

A: It can happen although it?s not a common practice by the banks. If the new counter is to your benefit, take it.
Maria Jeantet is a Realtor? with Coldwell Banker C & C Properties in Redding, CA

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Source: http://rock-n-rollrealestateagent.com/can-the-bank-raise-the-price-in-a-short-sale-counter-offer-situation/

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