Short Sale SellersCountering an Offer After Bank Acceptance
What happens if a bank accepts an offer but rates have gone up significantly? Can you counter offer with a lower price? Will it jeopardize the closing?
Yes, it may cause the deal to fall apart. The lender or bank has agreed to payoff of a certain amount and the longer the sale takes to close, the more money that they stand to lose. Asking them to revise the offer price, can mean problems since you’re asking them to accept a bigger loss on the property.
The whole process may take as long as the initial time it took to get a response. Depending on the offer made, you could walk away if the bank has taken too long to get back to you in writing. If you want to get a lower price, you need to feel comfortable with losing the property altogether.
If you like the home, take a look at other lender who can give you better financing than losing the home you’ve been patiently waiting for all this time.