Can I counter offer after home inspection on short sale?
Generally speaking, the negotiation process for short sales is no different than that of any other sale. When there is mutual acceptance, sometimes referred to as a "meeting of the minds", that implies all terms are agreed upon. In that situation one party can not unilaterally change, or alter the contract. That does not prevent the buyer from "proposing" changes or modifications to the contract and it does not obligate the seller to agree to the proposed changes. It does not alter the existing terms.
If the agreed upon offer is subject to a home inspection, the buyer can propose modifications to the contract based on specific language contained in the home inspection contingency however, this does not obligate the seller to make repairs, concessions or otherwise agree to buyer proposals as a result of the home inspection. When the contract contains an inspection contingency, the buyer can propose any modification to the contract to satisfy that contingency. Once that contingency is satified, waived, or expired, the right to "counter" is satisfied, waived or expired.
Once an offer is submitted on a short sale, can the buyer rescind the offer prior to bank approval?
Yes, and No. With Short sale transactions there are two situations where "acceptance" must be achieved. The first "acceptance" is between the buyer/offeror and seller/offeree. The second "acceptance" comes after the bank reviews and approves documentation (generally referred to as the Short Sale Package) submitted by the seller/offeree and their representative.
An offer is a binding legal contract once "Mutual Acceptance" is achieved between the buyer/offeror and the seller/offeree. That occurs when delivery of the signed and or initialed offer pages from the offeree are received by the offeror. Once mutual acceptance is achieved, a mutual rescission is necessary to terminate the offer unless the contract contains language allowing for the unilateral termination by either party. All short sale offers we help write contain language allowing the buyer/offeror to rescind their offer prior to "bank acceptance".
Are short sales good for buyers?
They can be. It all depends on the amount of loss the bank is willing to accept to close the sale.
Do all companies do short sales?
NO. Most real estate agents are independent contractors, therefore the "companies" do not dictate the areas of expertise each agent chooses to specialize.
Are all agents experienced in short sales?
NO. It's very important to hire a company and an agent with a proven track record.
Is there an additional fee for short sales?
Some companies charge fees and additional percentages to facilitate a short sale. WE DO NOT!
How long does it take to close a short sale?
There are no set time frames. Generally it takes twice as long or more than a normal real estate transaction.
How do I know if I'm being ripped off?
Avoid "Mortgage Rescue Scams".
What about taxes when doing a short sale in Washington State?
Recent changes to the State Department of Revenue REET (real estate excise tax) policy, allows for short sale sellers to apply for a refund of excise taxes paid on forgiven debt. Follow the link for the application. Link.