Bank countered on my SS offer, now what?

[Sam Leon]

This is my second short sale, first one the bank accepted, so this is the first time I am in this situation.

South Florida, single family 2 bed 1 bath home, in fair condition, everything works, no major work needed - but I haven't yet done an inspection, however home is dated back to the 60s, pink bathroom tiles, yellow kitchen counter, you know.

First time short sale package submittal for this home, looking at the nearby sale, I say FMV is around 110K.

I offered 100K cash. 45 days later bank (Chase) countered 126K. I have 2 days to make a decision.

On top of this, realtor is asking about $3600 on assorted fees (short sale admin fee, processing fee, document prep fee, courier fee, settlement fee etc etc etc) on top of the commission.

From reading BP on various SS threads, there is not much room for negotiation because the amount was determined by BPO right or wrong and the decision to accept or reject is not a human decision but some formulaic thing - unless you can justify it with some major overlooked issues, correct?

So is this counter basically a take it or leave it number?