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Bank countered on our short sale offer...not good news...
Background: Listing price was $299,000. We settled on $267,500 with sellers. Offer goes to bank...
After two and a half months, Greentree comes back with a counter of $348,000! What??? We had the wind knocked out of us...unfortunately the comps they are using are hardly comps. (This house doesn't have a garage, has an old kitchen, the comps have both a garage and new kitchen.)
We don't know what to do at this point. We love the house. Go back with a number closer to $300,000? Is this the bank trying to get us up over $300,000? (Zillow - I know, not a real point of reference - has the house worth $315,000.) Do we start over and pay nearly $300,000 for a different house that we don't like as much? So upset...
Any thoughts with the bank's counter? Think they are just trying to get us up over $300,000? Should we even bother countering? Or will they come back firm with their number?
Re: Bank countered on our short sale offer...not good news...
Do you know how much the sellers bought the house for? My guess is probably way more than your offer price. Most banks are willing to take a loss on short sales, but there is a point where they can't take that amount of a loss. I'm assuming the sellers owe more than the bank's counteroffer. It wouldn't make sense otherwise. Although I can't explain the use of unequal comps, other than to say they are maybe trying to justify their amount?
FWIW we close escrow next Fri and Zillow says the value is 441 and we're paying 408. Owner payed 600k in 2004. B of A's lowest amount they would take was 408 which is what we bid. Then they countered at like 20k more and we resubmitted our original offer and they took it.
I'd submit the comps and see what they say. Sometimes they just want more money...just because they think you'll give it to them. GL