Offer #3 - Update

Posted August 31st, 2009 by jared

The bank, whom you'd think would be eager to sell their "toxic asset", is, apparently, taking its time. Today, one week after we sent over our offer and a few days after that offer expired, they responded to say they'd be sending over a counteroffer. When? Who knows. Apparently, the counteroffer is identical to the one we sent, but they want $2000 earnest money instead of $1000. No changes to the bottom line.

Maybe I'm paranoid, but this transaction is setting off red flags. First, the seller's agent totally screwed up the listing. They listed the home in the wrong zip code. They listed it as a 4 bedrooms instead of 5 or 6. They provided the wrong combination to the lock box. When our agent contacted them via phone and email to get the correct lock box combination, they never responded (luckily, they accidentally left the garage unlocked so we were able to see the inside). Then, they don't respond to our offer for a week. When they finally respond, they say they're going to counter (someday) with a nearly identical offer, but they'll want more money upfront. I believe the earnest money goes into escrow so we should be protected from scams, but it sure sounds fishy to me.

Maybe I'm a little paranoid. Maybe they're just morons. Maybe.

home

On September 1st, 2009 tom anderson (not verified) says:

We went through this same thing when we bought our home by short-sell. What does your realtor say about this?? Do you trust your realtor? Banks are now known in this market for their brains. It seems they would rather lose the home rather than compromise a good deal. It is frustrating. Hang in there. Dad

They probably have so many

On September 1st, 2009 Mom J (not verified) says:

They probably have so many listings with the repos and too few workers to do the field work that they mess it up. You actually could be getting a good deal because of it. I would just be prayerful and let the spirit guide. Is there someone you know who is involved in Real Estate that you could just run things by before you sign anything or hand over any money. Earnest money is up front money that holds the house for you but you lose the earnest money if you change your mind. It is a protection for the seller. Sometimes it is worth the risk to hold a house sometimes not. What a process!

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