All Forum Posts by: Andrew Troup

>Of course, the listing agent may not want to >go through the extra steps that are
>necessary and you may have to wait >additional time for review, but the fact is >many lenders will allow for necessary >repairs.

>However, keep in mind, if your already >buying the house at a discount, your less >likely to get concessions from the lender. >Also, if your looking for a credit for lipstick >and mascara, then you probably will not get >it.

>Good Luck!

Scott,
Thanks this is great info. We probably won't do a counter offer unless substantial work is needed.

If the bank rejects a counter offer, do we still have the option of accepting our original deal? Or is the offer toast at that point?

Thanks,
Drew

Thanks for the replies guys!

I will keep this in my back pocket. My agent says in order to renegotiate the price we have to void the whole deal and resubmit. He may not know though, so I will mention an addendum if it comes up.

We do have an inspection contingency.

I am in VA, by the way.

Drew

Hi All,
In November we put an offer on a short sale house. Recently the listing agent said it was approved in the online system, although we are still waiting on the approval letter.

We have an inspection coming up once the letter comes in.

If we find major damage ($5,000+), we may want to reduce our offer to allow for the cost of the repairs.

Question: If we void our initial contract, are we going to have go through another 3-4 month process, or is it possible to make a simple call to the bank to see if they will accept a revised offer?

Thanks,
Drew