Monday, October 10, 2011 / by Lynn Horner Baker
I have been waiting on my lender to approvce or deny my short sale for 7 months. We finally received an answer last week in the form of a counter offer to the price.
The buyer was offering to pay $315,000. The lender countered at $345,000. The buyer is not willing to pay any more than $315,000. My agent told him that he will try his best to negotiate at that price, but could make no promises.
Before my agent could send the comps to the lender, the lender ordered an appraisal. My agent tells me that my property is worth more than $315k, but less than $345k.
So, we put the home back on the market just to prove to the lender that at that price there may be no bites. We were mistaken.
We received an offer for $341,550. We told the first buyer if he goes up to what the lender wants, then we will close the deal with him. He didn't budge so we accepted the higher offer.
In the meanwhile, we received an email this morning from the short sale negotiator. She said that the lender will accept the $315k price. Now, my agent is suggesting that we do not submit the $26k higher offer, because that will rock the boat. I have a dilemma.
The first buyer's offer technically was accepted by the lender. I want to give it to him since he waited. But do we have an obligation to the lender to present the higher offer?
We accepted this second offer yesterday without a cancellation from the first buyer. The contract does give us an out. But now that the lender has agreed to the first buyer's price, do we need to sell it to him? HELP ! Beckie”
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here was our answer to Beckie’s Question. Beckie, I personally think that you are not morally required to submit the higher offer to BOA. But, that’s my personal opinion. Speak to a lawyer if you need to know how the law applies.
My guess is that your lender would accept the higher offer and spit out a new approval in less than a week. And a higher price reduces their losses and also reduces the amount of capital gains you may have to pay. You and your agent are working to net the highest dollar amount for your home as agent of the lender. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at Lynn@HornerBakerPartners.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 770 579-4060
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our North Metro Atlanta loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Lynn Horner Baker.
Lynn is a Real Estate Agent at Horner Baker Partners. North Metro Atlanta Short Sale Realtor:
Phone: 770 579-4060. Lynn@HornerBakerPartners.com.
100% Released From Your Mortgage or We Will Pay You $1000.00!