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Bank wants to remove appraisal contingency

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ArmyStrong
Frequent Contributor

Re: Bank wants to remove appraisal contingency

My agent called me this morning to tell me that the bank has accepted another offer. (My "new" bid was for the banks initial counter-offer, minus the appraisal contingency.) She told me last week that one more offer was on the table in addition to my "new" one. She says they are "dumbfounded", as the listing agent confided to her that my offer was higher (although a bit less in asking closing costs) and she believed that the banks always go for their "bottom line". She called after speaking to listing agent this evening to say that the other agent had not contacted her yet. She thinks that may be because there may be a problem with that bidder's financing or something, so hope is still alive, if ever so slightly.
TU: 556 12/12/08 ~ EQ: 509 12/12/08 ~ EX: 509 12/12/08
TU: 588 8/7/09 ~ EQ: 529 7/30/09 ~ EX - ?? (509 12/12/08)
TU: 619 9/01/09 ~ EQ: 608 9/01/09 ~ EX - ?? (640 FAKO 9/01/09)
TU: 626 9/30/09 ~ EQ: 624 9/30/09 ~ EX - ?? (640 FAKO 9/01/09)
TU: 659 10/7/09 LO PULL EQ: 624 10/7/09 LO PULL EX: 659 10/7/09 LO PULL
Message 11 of 14
Jazzzy
Valued Contributor

Re: Bank wants to remove appraisal contingency

Hang in there...

 

While I do believe banks often go for their highest bottom line...I also think the fewer hoops there are to jump through has appeal to them. Ease of financing and number of contingencies definitely has a place in the decision.

 

Keep us posted.

Message 12 of 14
ArmyStrong
Frequent Contributor

Re: Bank wants to remove appraisal contingency

Will do, thanks.
TU: 556 12/12/08 ~ EQ: 509 12/12/08 ~ EX: 509 12/12/08
TU: 588 8/7/09 ~ EQ: 529 7/30/09 ~ EX - ?? (509 12/12/08)
TU: 619 9/01/09 ~ EQ: 608 9/01/09 ~ EX - ?? (640 FAKO 9/01/09)
TU: 626 9/30/09 ~ EQ: 624 9/30/09 ~ EX - ?? (640 FAKO 9/01/09)
TU: 659 10/7/09 LO PULL EQ: 624 10/7/09 LO PULL EX: 659 10/7/09 LO PULL
Message 13 of 14
ArmyStrong
Frequent Contributor

Re: Bank wants to remove appraisal contingency

Okay. Lost this one too. Maybe like LynetteM says, there were fewer hoops to jump through with the other offer. Perhaps it was a cash offer. Still seems kinda shady, somewhere along the lines if you ask me; but I'm over it now (lie). I've moved on physically if not mentally. Ready to jump back in (more lies). Just kidding! I have moved on. That was a tough lesson learned though.
TU: 556 12/12/08 ~ EQ: 509 12/12/08 ~ EX: 509 12/12/08
TU: 588 8/7/09 ~ EQ: 529 7/30/09 ~ EX - ?? (509 12/12/08)
TU: 619 9/01/09 ~ EQ: 608 9/01/09 ~ EX - ?? (640 FAKO 9/01/09)
TU: 626 9/30/09 ~ EQ: 624 9/30/09 ~ EX - ?? (640 FAKO 9/01/09)
TU: 659 10/7/09 LO PULL EQ: 624 10/7/09 LO PULL EX: 659 10/7/09 LO PULL
Message 14 of 14
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