I have been working on a SS with Citi Mortgage for approx 3mo now. Finally, i got to talk with someone in the LM department. But this man has been giving me a headache. He know’s I am a novice to SS. The mortgage on the house was 124K and with late fes the homeowners owe 132K. I first offer was for 46K. The house has around 30K worth of work need plus mold. The rep rejected the first offer but countered with 200K. Now I knew he knew I was a beginner. The 2nd offer I submitted was for 68K. He countered with 150K. I told him everything about the house: the repair estimates, mold, etc. I did my best negotiation. But he won’t move from the counter offer. I am about to submitt my 3rd offer. But I want to know what else can I do because the counter offer is ridiculous? Or should I just move on? I would really like to help the homeowner and close my first SS.
Keysha,
Turn off your CAPS LOCK. In Forum’s all Caps means that you are yelling.
If you feel like they may negotiate lower then stay in the game. If they do not wish to negotiate…walk away.
Thanks!
When you submit your third offer, tell them that this your final offer. Also submit any new documents that they may not already have, such as sex offenders within 1mile or school system rankings, send pics of broken items or mold in the home. You could also have another BPO done and hope it comes back lower. How close is this home to being sold at auction? Are you in a non judicial state? If you are there probably isn’t alot of time left. If you can’t agree to a price see when it goes to auction and what it sells for, you might want to buy it there especially if there are second liens on the property that won’t budge. IF all else fails and you know that the bank is crazy, wait until its an REO and see what happens then. Just don’t act desperate to the LM and if you have to, walk away.
Good luck
I would hold on the 68k
Thanks for the advice everyone. Sorry, didn’t know about the caps.