AgentNews Brief

High offer can botch short sale

REThink Real Estate
Published on Mar 18, 2010

Q: I'm in the process of trying to buy a home. I made an offer on a home that was a short sale and, because there were several other offers and I really liked the place, my offer was above the asking price. The listing agent said I was the highest bidder. Then, we got a counteroffer from the seller and it was actually for a price lower than the price I'd originally offered! Then, my agent suggested that I make a counteroffer back higher than the seller's counteroffer but lower than my original offer price. I am totally lost here -- I don't understand what the seller's strategy is or what I should do next.A: The universe of short sales does boggle the mind! And from the buyer's perspective, it's more than a little crazy-making, because so much of what impacts whether or not the short sale will be approved by the seller's bank(s) (so that you can have your house!) is totally and completely out of your and your agent's control. Other than your offer price, you have v...

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