My buyers were 3rd in line to purchase a condo here is Islamorada. They waited 10 months and finally made it to the top of the list because all the other buyers got tired of waiting and went on to properties that were NOT short sales.
The bank accepted their price, no counter, no haggling, just flat out acceptance. Boy were the buyers surprised that the bank simply took such a low offer.
The inspection was fine and we were coasting to closing AND THEN the estoppel letter! There was a $10,000 shortage of past HOA fees. The bank wouldn't pay it because they are limited to what they have to pay. The seller wouldn't pay it because they didn't have the money, so guess who was tapped! That's right, the buyer.
Now, had the bank counter their offer with an additional $10,000 and agreed to pay the HOA fees, they buyer could have financed $8,000. and would only had to come to closing with an additional $2,000. We were fortunate that this particular buyer HAD an additional $10,000. otherwise, we would have never closed.
Anyone else have stories like this?
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