So today we got an answer from the bank negotiator on one of our short sales. We have it under contract for more then market value. In fact, market value has dropped so much since the offer that we are under contract at 30% over market value. CASH! The negotiator came back with a counter offer for seller to contribute (10%), eliminate several of the closing costs to either be paid by seller or buyer as we agreed, and raising the selling price by 20%.
I didn't just roll over. This guy is a $10 per hour robo reply service. I replied with comps, stated the outcome if they didn't accept the offer, and said, no, original offer stands.
2 hours later: Ok, bank will cover all those costs. No seller contribution. But selling price increased 10%.
What part of no don't you get Mr. Negotiator? No means no. You lose as does everyone else if you refuse this offer. Foreclosure hasn't been started and with our new law here in NV you'll be facing 2 years plus to follow that path. Seller is trying to do the right thing. You have the final offer, that's the first one!
1 hour later: Ok, we'll ask the investor but we can't make any promises.
No one ever asked. There job is to follow a script and grind down as much as possible to follow a formula, not common sense. No one ever asked the powers that be whether or not it might be acceptable.
Don't just cave. Represent your clients zealously. Counter, Say no, Escalate!!!
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