Real Estate Management: Trying to buy a short sale?? | Real ...

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Question by friedsgirl: Trying to buy a short sale??
My husband and I have been waiting for two months now on a short sale we would like to purchase and our real estate agent just emailed us the following update. I guess I would just like to hear what others with more experience would do in this situation. We really want the house and don?t want to do anything to mess this up, but we don?t want to be stupid about it either. For some background info: The original listing price was 0,000. We offered 5 because it was a backup offer and wanted it to be noticed. We were eventually moved into first position. The sellers owe 3. Here?s the email:

?I just spoke with the listing agent and she told me she just got off the phone with the senior negotiator with Bank of America. They did receive the second Broker Price Opinion and Bank of America is countering your offer to 0,000. Evidently the second BPO supported this value and BOA is reluctant submitting the 5,000 offer to the investor. You do have an option of keeping your offer the same and seeing what happens. You could also increase your offer and meet them in the middle and see what they are willing to accept or you can accept their counter offer of 0,000 and more than likely increase your chance of getting this transaction moving forward. I just need to know what you want to do and get back to the agent. It?s really frustrating to take this long and just get a counter, but that is what is happening all the time with these short sales. I do however think we are getting close to moving this to an approval level. Once you and BOA come to agreed upon number, the file goes to Fannie Mae and to the mortgage Insurance Company for their finall approvals. This is how I understand it. Please give me a call?

I appreciate any advice you have, thanks.

Best answer:

Answer by justinsyrell
It all depends on what the home is worth.

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Source: http://realpropertymanagement.tk/real-estate-management-trying-to-buy-a-short-sale/

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