SHORT SALE: Can I Change My Offer After An Inspection If The Bank Already Approved The Offer
The bank just approved my offer for a short sale. The sheriff sale was in September and mortgage reverted back to the bank. I had my inspection and more repairs came back than I had anticipated. Can I ask the bank to reduce the price further now? Or will that cause me to have to go through the entire approval process again. It took the bank 2 months to approve my the original offer, so if I come back with one 20K less, will they take another 2 months to act on it? Thanks!
""I was called a liar by the loss mit rep"" well that even cheaper, $0 costs.
Ive never done a short sale, i would have thought they forced a good faith down payment on offers. But if you can make a short sale offer without a deposit, thats ok with me! im not the seller.
I have renegotiated short sales many times. It always depends on the negotiator though. One house I did, i got the bank to drop their price three times (I had legitimate reasons and I typed letters explaing them. such as a pipe bursting and flooding the house)
I have also lowered my offer because a bank took too long and I explained that I could no longer pay what I offered cause other houes in the area are selling for less now.
This may take a nother month or two. It all depends if you are willnig to risk ur deal to get a better price.
Brian Ducharme