I made a 190K offer on a duplex in NJ listed at 200K, which was accepted. The seller is 85 and 'doesn't have any additional funds' per their realtor (she was living in the bottom half and renting out the top). The seller needed 195K to cover her cost, so this had to go through the bank as a short sale. While the bank was reviewing the offer the inspection was done, which turned up 15K in work needed. Before I could even get contractor estimates on the work, the realtor (dual agent) came back and said the bank isn't willing to work with us. It seems like this deal is dead unless I'm willing to take a 20K hit on price (5K offer & 15K renovation), which I'm not. Do I have any additional options here? Thanks!
You could do a value dispute. Have an appraiser come out there and submit that to the bank. It doesn't always work, but it's worth a shot. (Assuming the appraisal doesn't come in higher than 190k)
Thanks @Nick C.
Why is the bank not willing to work with you? What does that mean? Not willing to work with the seller for a particular reason or is the offer too low? If the offer is too low, what is the banks value?
Best of luck,
@Brett Goldsmith Thanks for your response! That's what the realtor said verbatim. The offer is 190K on a 200K list price so I wouldn't consider it low ball. I asked the realtor if she can get the bank's appraisal value.