Should I push back on the bank or not??

[Rafael Brown]

Ok. So I purchased this foreclosed property for a really great value ($47,075). The bank just sent my realtor a note saying that because there are 2 liens that need to be handled (they are taking care of them), that closing is going to be pushed back to March 10. We were set to close on January 25th. My question is should I push back on the bank and ask them to lower the price to the original ask of $44K? Now, I'm a bit nervous to ask for a lower price b/c when I tried to purchase the property I found myself in a bidding war b/c after putting in $40K in rehab, it will sell for $140K being conservative. 

Lastly, this is my first property so that's why I'm nervous and I don't want to loose the deal. My realtor thinks that I'm crazy for asking. Why are you guys thoughts???

[Liz S.]

Hi @Rafael Brown, 

My opinion, you could make the request, the worst they can say is no, but let the bank specifically know why you're  making the request. (rate lock fee, interest rate increase, fill in the blank here).  I have done this several times with my buyer clients who have sometimes needed to wait excessive amounts of time due to title issues, and that caused them to incur new costs in the meantime. Sometimes the banks response was hell no you're already getting a great deal, take it or someone else will.. sometimes the bank happily reduced.. Like you said, it doesn't hurt to ask. If it's just because you want to try and get it for a lower price, or for the "principal" of having to wait for them, that probably won't fly and I wouldn't threaten to "reduce or I will walk" unless you really mean it. In the end, listen to your Realtor's advise they know about the specific transaction and the game players involved better than any of us do. Good luck. ;-)