counter offers: Beware of the REO Bank's Counter - it can hurt the buyer - Part II
- 09/17/08 11:16 AM
I don't know how often I hear from agents that after making an offer, they got back an addendum from the REO Asset manager. NO, it is a counter offer. Anytime, the terms are changed, before the parties are in contract, we should be calling this a counter offer. The problem is that too often, the buyers agent is not pointing out the terms that can really hurt a buyer. This doesn't mean that the bank will change their mind but your duty is to make sure the buyer sees the risks. Let me give you a few examples I have … (2 comments)
counter offers: Beware of the REO Bank's Counter - it can hurt the buyer - Part 1
- 09/17/08 11:05 AM
I don't know how often I hear from agents that after making an offer, they got back an addendum from the REO Asset manager. NO, it is a counter offer. Anytime, the terms are changed, before the parties are in contract, we should be calling this a counter offer. The problem is that too often, the buyers agent is not pointing out the terms that can really hurt a buyer. This doesn't mean that the bank will change their mind but your duty is to make sure the buyer sees the risks. Let me give you a few examples I have … (5 comments)
counter offers: Stop playing with Short sales - Lenders are stupid AGAIN!!!
- 07/22/08 05:23 PM
I know we think we are helping people but agents are telling me that only 5-10% of short sales ever close. Too often, in an effort to save a house, an agent will work 3-4 months trying to get a lender to respond to a short sale. Then, if you could even get a response from a lender, they come back with a ridicilous counter or asking that you cut your commission. Who said banks were smart. They claim that they will do anything to avoid foreclosure but if you are active in the market, you know that this isn't true. … (13 comments)
Guy Berry is a frequent expert witness in real estate litigation and an accomplished trainer in real estate law and contracts. In addition he has been licensed for 30 years as an agent and managed large offices, including Coldwell Banker and Century 21.
I don't know how often I hear from agents that after making an offer, they got back an addendum from the REO Asset manager. NO, it is a counter offer. Anytime, the terms are changed, before the parties are in contract, we should be calling this a counter offer. The problem is that too often, the buyers agent is not pointing out the terms that can really hurt a buyer. This doesn't mean that the bank will change their mind but your duty is to make sure the buyer sees the risks. Let me give you a few examples I have … (2 comments)
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