Short Sale Counter-offer
When you submit the original short sale package, obviously you have a signed purchase agreement. The bank has counteroffered.
What is the best way to counter offer back to the bank? An addendum to the original purchase agreement? Get the owners to sign a whole new purchase agreement and fill out a new HUD-1? Or just type up a letter of intent to purchase for the counter offer?
Anyone out there know what tends to work best?
Thanks,
Chris
Just update the netsheet/hud1 and fax that to the lender with a new offer. No need for a contract update at this point unless they specifically request it.
You'll eventually need to change it or draw up a new one...
MyFrogger is right. It's not uncommon for a contract for sale to have as many as 4 or 5 price changes... all initialed by the parties....before a final contract is drawn and resigned. The oft-changed contract is just as valid as a neatly typed version.
Modify the Net Sheet, and be prepared to provide a revised Contract for Sale... or at least the first page that indicates initialed price change.
Chris, your question suggests that you would probably benefit from a basic real estate course.
I've counter-offered before, and had the messy purchase agreements. This is my first short sale opportunity, and I didn't know if there was anything the banks specifically like better.
I guess in the end it doesn't really matter how great it looks, as long as the numbers come out for the bank. I figured if there was any type of advantage to sending fresh clean copies to have them accept the offer - it would be the way to go.
Thanks for the input,
Chris