Short Sale Bank Counter Offer received finally! How do I Respond?

Tips and Deals Forums Buying Your Home Buying a Home in Washington DC/Baltimore Short Sale Bank Counter Offer received finally! How do I Respond?

This topic contains 0 replies, has 1 voice, and was last updated by  Anonymous 7 years, 4 months ago.

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    Anonymous

    I bid on a 2 bedroom/ 1 bathroom 1400sq ft condo short sale in MD with a bid of $40,000 (asking price 49,900). Seller approved and submitted to bank, which responded with verbal offer that they countered at 47k or somewhere near that price (verbatim). Unit needs a full rehab, new kitchen, new furnace/ air handler which bank might or might not be aware of or care about in their bottom line since unit is sold as-is. I think the BPO is about 40-43k max based on recent sold comps in the same apartment complex. My options are to request a more formal counter offer or submit a new addendum with the counter offer. What is a good way to respond to the bank where I play it cool so as not to seem too excited for their offer? Can I mention that I think the BPO they received is lower than their counter? Could I mention that I would have to weigh against needed repair costs? How do I call them out that I know the BPO is lower without offending the lender? need to have something to them by 3/18 so responses after that might not be required. I really want to get as close to original offer but my walk-away is 45k. Thanks for looking!

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