(Closed) Short Sale: lowering price AFTER our offer?

posted 7 years ago in Home
Post # 3
5977 posts
Bee Keeper

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.

Post # 4
92 posts
Worker bee
  • Wedding: August 2012

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.

Post # 5
407 posts
Helper bee
  • Wedding: January 2011

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!

Post # 6
1843 posts
Buzzing bee
  • Wedding: September 2011

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.

Post # 9
5496 posts
Bee Keeper
  • Wedding: April 2010

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. πŸ™‚

Post # 11
750 posts
Busy bee
  • Wedding: June 2010

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.

Post # 12
317 posts
Helper bee
  • Wedding: October 2010

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.

Post # 14
2190 posts
Buzzing bee
  • Wedding: June 2011

@MerryC: 89!?! Where in Washington!?! Sheesh. I can’t find anything under 250 that isn’t a fixer upper

Post # 15
3871 posts
Honey bee
  • Wedding: November 1999

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.

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