Can you counter offer bank short sale?
With short sale deals, you will hear “no” much more than you will hear “yes.” If your offer is rejected, it is not the end of the process. You can counter their counter.
Is price negotiable on a short sale?
Are Short Sale Home Prices Negotiable? Short sale home prices are negotiable, but not in the same way as the sale price in a traditional purchase is. As the seller, you may be motivated to get rid of the property—but the mortgage lender must ultimately decide whether to accept an offer.
How do you get a bank approval for a short sale?
Gather the necessary documents for approval. Lenders typically require financial documents, such as your pay stubs, proof of unemployment, prior-year tax returns and bank statements. Proof of hardship will be required. Gather all your bills, such as medical expenses, that support the need for a short sale.
What does it mean when a bank counter offers?
A counteroffer is the response given to an offer, meaning the original offer was rejected and replaced with another one. Counteroffers give the original offerer three options: accept it, reject it, or make another offer and continue negotiations.
Why would a bank deny a short sale?
Banks may reject offers when the price is low, the seller or buyer doesn’t qualify, the application is incomplete, or the loan has already been sold.
What’s a good strategy for a buyer making an offer on a short sale?
- Offer a Strong Earnest Money Deposit.
- Check the Comparable Sales.
- Don’t Ask for Special Reports or Repairs.
- Give the Bank Some Time.
- Assure the Seller You’ll Wait.
- Offer to Pay the Seller’s Fees.
- Shorten Your Inspection Period.
- Provide a Strong Preapproval Letter.
Can you walk away from a short sale?
Three of the most common methods of walking away from a mortgage are a short sale, a voluntary foreclosure, and an involuntary foreclosure.
Should you accept a counter-offer?
Accepting a counteroffer is likely to damage your relationship with your current employer. After all, you’ve just told them you were leaving and are now only staying because they offered you more money. This might cause them to question your loyalty and whether you’ll resign the second you receive a better offer.