"I need your help. I am trying to short sale my house. My lender is one of the largest in the country. We have been waiting for an answer on the short sale for six months now. I finally received an answer last week in form of a counter offer to the price. The buyers had agreed to pay $315,000. However, my lender wanted $345,000. The buyer is not willing to offer any more money.
My realtor said he will try his best to negotiate at that price. Before I could send the comps to the lender, they ordered an appraisal. My realtor doesn't think the house is worth any more than the $315,000. We put the home on the market and received another offer for $341,000. We told the first buyer if he paid $345,000, then we would sell to him. He didn't budge. So we accepted the higher offer. In the meantime, our lender approved the original buyer's offer at $315,000. That causes my dilemma. The bank's representative suggested that we not submit the higher offer so as not to rock the boat.
Do we sell to the original buyer who has been waiting to buy the home for several months or sell to the new buyer paying the higher price?" - Beckie.
Hello, Becky. Thanks for the great question. I don't personally think that you are morally required to submit the higher offer to BOA. But, it will help you reduce the amount you owe to your lender and any potential income taxes owed.
My realtor said he will try his best to negotiate at that price. Before I could send the comps to the lender, they ordered an appraisal. My realtor doesn't think the house is worth any more than the $315,000. We put the home on the market and received another offer for $341,000. We told the first buyer if he paid $345,000, then we would sell to him. He didn't budge. So we accepted the higher offer. In the meantime, our lender approved the original buyer's offer at $315,000. That causes my dilemma. The bank's representative suggested that we not submit the higher offer so as not to rock the boat.
Do we sell to the original buyer who has been waiting to buy the home for several months or sell to the new buyer paying the higher price?" - Beckie.
Hello, Becky. Thanks for the great question. I don't personally think that you are morally required to submit the higher offer to BOA. But, it will help you reduce the amount you owe to your lender and any potential income taxes owed.
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