- JoshJParticipant@joshjJoin Date: 2005Post Count: 13
I need some quick advice. I’ve been struggling to sell in this market full of negative media.
I had a contract on my property for $510k. Buyer asked for cooling off extension then I received an email today that the bank will only lend 80% of $480k. They said they are short $25k which they don’t have.
Any ideas how to negotiate this?
– I could possibly finance the $25k or part of it when another one of my properties settles in December.
– Try to meet halfway, but they said they don’t have the money.
Love to hear some thoughts. Always hard to call it a bluff or finding a middle ground.
I just got the bank valuation of your unit only $480k. They said property is continuing falling down in the future. So they are on high risk for the bank in the future. So they only let us borrow 80% of $480k is $385 maximum so i m in shortage of $25k which i do not have money to cover that. Can u help me to tell the owner to reduce the price to $490k as the bank now tightening loan to investor so very hard to borrow.
Another unit is now for sale only $509k, mayb they will accept $480k as they want to sale quickly. Thx you for your help.TerrywParticipant@terrywJoin Date: 2001Post Count: 16,213
Could be a ruse to get you to lower the price.
You could either
a) reduce the price by $25k
b) stand firm
c) lend them the money, or
d) meet half way
You need to consider whether you could find another buyer for the same or more.BuyersAgentParticipant@knightmJoin Date: 2005Post Count: 338