So you
have submitted all of your information to the bank and they counter with some
REDICULOUS number. What do you do now??
It is so
important to understand that you are not the only person that is trying to sell
your home short right now. Banks are dealing with hundreds of these and
with some of the big banks; they are dealing with tens of thousands of
these. So it is understandable that they are going to do EVERYTHING
possible to prevent from losing as much money as possible.
One way
they do this is when they counter the initial offer that you submit. A
lot of times, the bank will counter the original offer with some ridiculous
number. Just recently, we have a bank counter our initial offer by almost
$100,000 MORE than the list price and almost $150,000 more than our initial
offer. At first, this is very discouraging and intimidating. Don’t
let it get you down! Again, they do not want to lose any more money than
they have too and will do whatever possible to prevent that. In this same
situation we countered back and settled on a price that was nearly $100,000
less than the bank’s counter.
At the
end of the day, if you have a good agent representing you and one that can
provide the bank with the information they need either about the value or any
other areas, you will be in good shape. As I have mentioned before, it is
a process, and one that can be done well.
For any
questions or to learn more about the process of selling your home feel free to contact us or visit our website at
any time. Have a great day!
No comments:
Post a Comment