Are banks really countering offers on short sales?

I client recently asked if banks are really countering on short sales. In short….yes.  Sorry for the pun. 

Home buyers of short sale need to be  informed.  Just because the seller is in dire straits doesn’t mean the banks will just roll over.  In case you didn’t know banks are pretty good at making money and they don’t’ do that by selling a home below market value. When submitting your offer on a short sale, understand this, the bank will counter your offer.  They will base their counter off current sales for similar homes in the area.  Work with your buyer’s agent to keep a log of homes that sell, go pending that are like the home you have your offer on.  Most listing agents will advise your agent if the bank has an idea of value.

Just because the bank counters doesn’t mean you cannot counter back.  Just be prepared to support your findings.  Let the bank negotiator look like a hero.  Have your buyers agent create a detailed report on the valuation of the home and your reasons for the offer price.  This can include, condition of the property, declining market, etc.

With all of this in mind understand this.  The bank may still be in lala land…. and move on! It makes a difference if your working with a CDPE.  We can guide you through the troubled marketplace.  Let us give you the personal service you deserve!