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Contributor
aero4ever
Posts: 11
Registered: ‎07-06-2011
0

Short Sale Counter Offer?

I put an offer on a short sale. The seller, both the bank and owner, countered with no price, but with the following statement:

 

Lender will receive only one offer. Please send highest and best. Seller will contribute no funds for termite, repairs, escrow, or title. Lenders has not indicated terms and conditions of Shortsale. Buyer has to be prepared to cover closing and escrow fees as well as any local, county, or state requirements.

 

I am confused. What is my next move?

 

Thanks.

Silver Trusted Contributor
GEAH
Posts: 956
Registered: ‎10-22-2010

Re: Short Sale Counter Offer?

Lowball them...or run.

Silver Super Contributor
Lizard
Posts: 1,320
Registered: ‎12-18-2007

Re: Short Sale Counter Offer?


aero4ever wrote:

[snip] 

I am confused. What is my next move?

 .



Read up SS on Redfin. You'll get an eyeful.

Redfin Partner Agent
Adam-la
Posts: 1,914
Registered: ‎03-15-2011
0

Re: Short Sale Counter Offer?

Your next move is dictated by how much you like the house and what you think a fair price is.  keep in mind that you are being asked to pay for about 2-4 grand worth of transaction costs with the escrow and title insurance.  In addition, they appear to think that you will be paying city and county transfer taxes. 

 

You should be thinking about pricing your offer reflecting this. 

 

 

Contributor
aero4ever
Posts: 11
Registered: ‎07-06-2011

Re: Short Sale Counter Offer?

Thanks for the replies so far. This is my first home purchase, so just really nervous. Per my agent (who I somewhat trust) told me that there are multiple offers, include one above the asking price. Do I really like the house? Yes and no. Yes - flat lot, easy to rebuild, and extend, and in a very good school district. No - it's somewhat close to freeway, about three blocks, so there is some noise. 

 

About how much or how do I calculate city and county transfer taxes?

Redfin Partner Agent
Adam-la
Posts: 1,914
Registered: ‎03-15-2011
0

Re: Short Sale Counter Offer?

depends on the city...

Platinum Regular Contributor
STARCHY
Posts: 4,914
Registered: ‎02-17-2009

Re: Short Sale Counter Offer?


aero4ever wrote:

I put an offer on a short sale. The seller, both the bank and owner, countered with no price, but with the following statement:

 

Lender will receive only one offer. Please send highest and best. Seller will contribute no funds for termite, repairs, escrow, or title. Lenders has not indicated terms and conditions of Shortsale. Buyer has to be prepared to cover closing and escrow fees as well as any local, county, or state requirements.

 

I am confused. What is my next move?

 

Thanks.


FYI: thats not a "counter" offer. 

my advice? when/if you submit another offer, make sure you include a very short time frame.