buying short sale condo?
Hello,
I am so frustrated now coz of buying this condo. At first I put the offer in at 119k but the bank countered my offer at 130k and 3%back to the buyer. I put offer back the one they asked. But after that we found out that the seller has liens for 5300 and 15k. Me and my real estate agent negotiated back to the seller that they have to responsible for those liens and they agreed to do so.
But today I got the email from the seller agent that Bank already made final counter offer which if I agree to pay 3,300 (partially of the liens), the condo will be pending in the same day.
They said because the seller lost their jobs and they cannot afford it. but they will be responsible for the lien of 15k.
What should I do? The agent gave me choices..
1. refuse to pay any liens
2. pay part of it.
3. pay 3300 and get it pending inspection
The condo is so nice though.
You should always purchase a property without liens of any kind. It is not your responsibility to pay liens made by someone else. You should only pay taxes prorated from the day you take possession.
Does this real estate agent work for the seller or is a buyer’s agent you signed to assist you in the purchase of this condo? I am at a loss as to why the real estate agent would even offer these choices to you. Since the agent did take #1.
Then immediately find another real estate agent that would work on your behalf.
You might over pay for the condo because you like the condo. You should pay for a property based on it’s current value, not some inflated or lien that you are not responsible for.
The bank is the one that took the risk of lending to the former owner, they now have the collateral that they agreed to take in the event of a default. If that is their final counter offer, just say "NO".
There might be condo’s in the same complex that you might consider.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
There is an old sales trick that depends on our natural tendancy to value something more when we lose it: The salesman will ask you to hold something and then take it back. Now, your brain is focusing on the loss, even without realizing it.
Don’t overly focus on this one condo. You wanted it at the original price you offered, but the new deal may not be right. Look at what they’re offering now. Imagine that you saw the condo for the first time and were told that their current offer is the selling price. Would you have chosen this condo over the other condos that you looked at?
Another sales trick that is common in real estate is showing you a less desireable place before showing you the better place. Your brain naturally comapares the two places, and rather than thinking "is this what I want", your brain thinks "this place is so much nicer".
References :
You should always purchase a property without liens of any kind. It is not your responsibility to pay liens made by someone else. You should only pay taxes prorated from the day you take possession.
Does this real estate agent work for the seller or is a buyer’s agent you signed to assist you in the purchase of this condo? I am at a loss as to why the real estate agent would even offer these choices to you. Since the agent did take #1.
Then immediately find another real estate agent that would work on your behalf.
You might over pay for the condo because you like the condo. You should pay for a property based on it’s current value, not some inflated or lien that you are not responsible for.
The bank is the one that took the risk of lending to the former owner, they now have the collateral that they agreed to take in the event of a default. If that is their final counter offer, just say "NO".
There might be condo’s in the same complex that you might consider.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
References :