My question involves real estate located in the State of: Washington
So we have an offer in on a short sale. The property after several price reductions was listed for $524,995. We made a cash offer for $525,000. Looking on the county information the principal balance on the first note is $535,000 and the 2nd wasn't scanned in online. We heard the payoff for both loans back in July was in the $580,000 range. The first had their "appraisal" done, not sure if it's an actual appraisal or just a BPO as I have no idea how a reputable appraiser could be so off, and they send a counter of $690,000. This is $100,000 OVER what the bank is owed! It wouldn't be a short at that point. I don't see how they can even make that call. Can they legally make a counter that's more than what they're owed? It seems to me anything over what the full payoff is would be a decision of the sellers not the bank.
So we have an offer in on a short sale. The property after several price reductions was listed for $524,995. We made a cash offer for $525,000. Looking on the county information the principal balance on the first note is $535,000 and the 2nd wasn't scanned in online. We heard the payoff for both loans back in July was in the $580,000 range. The first had their "appraisal" done, not sure if it's an actual appraisal or just a BPO as I have no idea how a reputable appraiser could be so off, and they send a counter of $690,000. This is $100,000 OVER what the bank is owed! It wouldn't be a short at that point. I don't see how they can even make that call. Can they legally make a counter that's more than what they're owed? It seems to me anything over what the full payoff is would be a decision of the sellers not the bank.
Purchase Contracts: Can Bank Counter for More Than Owed when Doing a Short Sale
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