Can I still negotiate

[Komal Patel]

Hi BPs I am working on my first REO property deal. Actually I submitted offer Which was pre auction offer. bank accepted it. And finally I signed my first contract today. On contract bank wrote closing date as 4/4/16 but listing agent told me that they won't be able to do in this time period as bank is working with city to resolve all violations and that can take at least 6 weeks. So bottom line is they won't be able to do closing on set time. I could not much do negotiations when I sent my offer since it was my first deal. I overlooked certain expenses such as 5% charges of auction, also under estimated certain expenses. So it tightens my hands now & bit scare if I made right deal or not ! My question is can I still negotiate the deal with bank in this scenario ?? Since I know bank won't be able to do closing on set time period due to all city issues. Please advice Komal

[Derek Montes]

I'm an REO Asset Manager- so basically I would be the one negotiating for the bank.

From my standpoint the bank probably can close in that time frame (for cash deals things close in about 15 days once sales contracts are signed, loans usually take longer to close). When buyers back out of deals we 99% of the time refund their money with no penalty. I negotiate with buyers sometimes even after we have signed contracts- every deal is different (multiple offers, inspections, etc). You have nothing to lose by trying to negotiate more. Of course I'm not sure which bank/auction you're going against. I've heard from Realtors that investors don't like buying homes from auctions like Hubzu (sp?) because of fees. In the future I recommend negotiatingas much as possible up front.