Hello,
My sister lives in Florida and she is in the process of buying a short sale property. I am looking for advise and feedback on whether or not to accept the banks offer. Also, looking for information on how to construct a counter offer to the bank. Any feedback or advice is greatly appreciated!
Single Family Home - Good Neighborhood / School System
Sister offered 180,000 which was accepted by buyer subject to approval by bank
Broker Price Opinion = 220,000
Owner of Property - 1st mortgage = 230,000 2nd mortgage = 150,000
Bank will accept = 193,000
Buyers Broker / Seller's Broker want counter offer of = 211,000 (I guess their commission)
Comps - 3 sales w/in 6 months between 180,000 - 190,000
Neighborhood - 19 homes for sale, 11 of them are short sales
Did she make too high of initial offer? How much should she counter offer? Should she have to pay both buyer and seller realtor commission above banks 193,000 target number? Is there a formula for calculating offer based on percentage of BPO?
-Robert
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