Second bank reject accepted offer

[littleMike]

What is the name of your state (only U.S. law)? MA

A short same is listed as "short sake approved by bank". And my offer was accepted by the owner months ago. Now 1st bank has no problem, but the secondary bank is asking for additional $20,000 from the buyer in order to close the deal. I don't want to increase offer price. So what options and chance do I have from now? If I don't agree, can the seller re-listing it? If I take legal action, who should be the target? If it takes long time to resolve, is the time on my side as the 1st bank will continue paying tax?

Any advise is welcome as I see many knowledge people here. Thanks a lot.

Mike

 

[Mass_Shyster]

Everything is controlled by the contract.

Time is not really on your side, since values appear to be rising. The second bank may want to wait it out hoping the value goes up.

You should run this by a lawyer. The chances your real estate agent went to law school is pretty slim, so I don't suggest taking advice from him or her. Real Estate agents are generally more interested in closing the deal than protecting the interests of the buyer.

 

[STEPHAN]

I have a lot of experience with short sales. What I have found that most title companies have or work with a short sale expert who is usually very familiar with the process and the contacts in the banks - much more than any random lawyer. I would talk to the title company first.

These kind of negotiations are normal and can usually be solved.