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I think it's a last ditch effort to get a better offer from another buyer since you weren't willing to up your offer.
Have you watched the schedule of the price lowerings? I was wondering if it was just lowered previously or if it had been awhile. Also, some banks subtract what they will be giving you in closing costs from your offer, then look at that lower price as the offer. Or they could just be shady because I have come across a lot of shady stuff especially with the banks because they are usually just looking at the numbers and have never even seen the house.
When talking to our Realtor about a short sale, he said there are so many tactics the banks will use to try and get their top dollar. Whether it be outright lying that there is another offer on the property, or like a PP has mentioned that they're lowering it to appeal to another price bracket, yet still potentially getting a little more than your offer. Our realtor suggested keeping emotions out of it and really sticking to your gut/guns in some of these situations. That was just his opinions on the matter, and I'll admit he's a little cynical about the short sale process... but for what its worth!
If the seller didn't agree to your price, then they are more than likely lowering the price to the least amount they will take, in hopes that another buyer will offer them that much.
I'm not sure why they wouldn't just counter-offer with that amount to you ... who knows.
@smb4268: It's been at 94,9 since fall I think, and dropped to 89,9 over the winter. We could see it all on zillow a few days ago, but it's dissapeared now. Also, the new listing agent has only had the property a few weeks.
We're totally willing to negotiate, but figured starting on the low side was appropriate given the market.
@2PeasinaPod: Thanks! Hopefully trying to stick to the formal process won't come back to bite us :)
@forforever: @milesbella: Thanks! I guess we wait and see if they respond by 5 today! Since it's an investment property it's a little easier to stay objective, but still so frustrating when they play games.
That is certainly strange they didn't just counter! I don't get it. Why didn't they just counter with the price they asked in the new listing (84,900)?? Weird! I hope it works out for you. :)
@Jenn23: I know! If it needs to be X price, counter with it, we might accept! :) We just don't get it either. The last thing I heard from our relator was that they were trying to lower the price to show the bank there were no offers at 89. I think it's definitely good in that we can get the house for the new list price, but I find it off putting that they seem to be just letting our offer expire without a formal response. Thanks for commiserating :)
At least the list price went down. We made an offer on a short sale two months ago. A couple weeks ago they raised the list price by $50K. Apparently, that's when they responded to our offer by laughing at it. Our offer was the original full list price, so I guess it's their own fault that they got offers lower than they really wanted.
It's a tactic to start a bidding war. It's happened on two properties we offered on. We made an offer on a BOA short sale (I will not look at BOA properties anymore!) They countered our offer by $11,000 OVER the list price.
I say in this market if they have a certain price in mind then they best list it at that price and leave the price alone.
@StbHisMrs: @BrianneG: Oh no! Sorry you've had to deal with such hassle. I agree if they need a certain price, they need to list that.
Latest news is: if we wait out the weekend and no other offers, the seller will accept our offer of 82 on Monday. Which in the end will be good to have stayed low so if the bank counters higher, we have more wiggle room. Fingers crossed that there's no movement over the weekend, and all goes well Monday! :)
@MerryC: 89!?! Where in Washington!?! Sheesh. I can't find anything under 250 that isn't a fixer upper
I always thought they lowered the listing price because they got it inspected and it turned out to be worth less, so they adjusted the list price accordingly. I'm not in real estate but that was my guess. Who knew they did it to start a bidding war? But what I don't get is the bank isn't going to approve the "price" or mortgage if the house isn't worth that much. I don't get it.
@Heatherloveskenny: It's actually a townhouse on the west side of Portland. A little older and in really good shape and good location, so we jumped on it because it's still super cheap for the area! We looked at a LOT of junkers even down there. But yeah, the home prices really haven't dropped that much in the Puget Sound despite the economy - good luck!
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So we made an offer on a short sale house on Tuesday night, giving the seller until Friday at 5pm to respond. List price was 89,900 and we offered 82 + closing costs. Given it's been on the market for almost a year we all agreed it was a reasonable offer.
1) The listing agent sends our relator an email on Wednesday, asking "if we can go up a little in price" without any other explanation. Doesn't that seem weird? We submitted a formal offer. If they need a different price, shouldn't they come back with a counter offer? My relator said she's never had another agent respond in that manner before. Is it common for relators to try to wheel and deal outside of the offer/counter-offer process? We responded by maintaining our original offer.
2) Now last evening, my husband pulls up the listing to show his dad, and the list price has dropped to 84,900! Which is totally confusing. Any ideas on why the listing agent would do that? Do you think it's in our favor to make bank approval of the short sale more likely? Or maybe a last ditch effort to entice a better offer from another buyer? We are kind of bewildered.
Obviously our relator is trying to get the listing agent on the phone to figure out what is going on. But has anyone dealt with a situation like this before? How did it turn out?