This business is full of surprises...you might recall that my search for the next investment property had led me to get this house under contract. Well, after doing a thorough inspection and calculating the rehab costs I determined that the price I had the house under contract for was too high. So I decided to tell the bank that I needed to lower my offer price (by $10,000) instead of asking for repairs (which they wouldn't do anyway).
I knew this basically meant that I would not get this house because they have had multiple offers on it and the house had been under contract with other buyers before.
Needless to say their reply was quick and swift...NO. The seller will not lower the price. We had multiple offers on this house and is sold AS IS, blah, blah, blah...
So I asked them to terminate the contract and return my $5,000 earnest money check. I did not hear a peep from them in 3 days (these people only work through email, argh!) and then they came back to me and said they would lower the price by $5k. My answer was no, it needed to be $10k lower. Another 3 days went by and all of a sudden I get an email saying Congratulations, the seller has agreed to your purchase price…what!!!