I put an offer on an indymac bank owned home for $235k. Appraisal just came back for $226. Now we've gone back to the bank to ask them to lower price to $226. Does anyone have any idea what the chances are that this will happen? We don't have money to make up the difference so the bank lowering the price is our only option.
Also, our agent told us that all indymac sales in escrow need to be closed by april 15, 2009. Any transactions still pending at that time will be cancelled because the FDIC is taking over. I thought they already had, but this is what the escrow agent told my realtor.
Any advice/comments would be greatly appreciated.
I am waiting on my apprisial and this is the nightmare I have been having for a week now. I don't have an answer for you other than to tell your relator that if they want a sale, they are going to have to lower the price, that you aren't negioating.
I am undercontract. The house started last March at 209,000 In June went to 199,000, In Sept, went to 179,000 and went to 159,000 this past January. I gave them full price in exchange for paying 4% of closing which is most of it. I am on pins and needles waiting....
FDIC did already take over, so not sure what the significance is with the April 15th date. I know that OneWest Bank FSB just recently took over from the FDIC - perhaps that is what is happening to your sale.
Got word from my agent that the bank lowered the price to $226k and extended the close deadline to April 22nd. I guess I lucked out.
Thanks for everyone's opinions.