Tuesday, January 8, 2013

short sale with multiple offers--negotiating the counter ... - Zillow ...

My husband and I put an offer on a house that was listed at $235k for $286k, because there were multiple offers on the table and wanted to outbid everyone.
Well, we own the bid, and the seller's agent agreed to forward our offer to the bank at $235k (the original asking price), instead of our bid at $286k, with an escalation clause (so saying we would pay up to $286k).

Well, the bank finally came back with an offer of $270k. Since our initial offer, the market has gone down and with inspections and everything involved, we are now only looking to pay $250k. My question is--do I have room to negotiate with the bank without loosing the house? In other words, can we counteroffer the bank for lower price?

We are also somehow paying for the "short sale negotiator" which we have never spoken to, and from the bank's offer, it doesn't sound like he did much negotiating for us.? Are we getting "screwed" for the $7000 short sale negotiator fee?

Source: http://www.zillow.com/advice-thread/short-sale-with-multiple-offers-negotiating-the-counter-offer-from-the-bank/473370/

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