Hello Lissa1234,
How dissapointing. You are not alone. Happens often. As you heard the banks or any seller can accept or reject any offer they want. Banks are purposely pricing homes on the low side to create an auction. I am curious where you got the information on 14 offers and only $10,000 over the lsit price. With 14 offers I would assume the price would be closer to $25,000 or more over and I am surprised that all or most were FHA's. 25% of Bay Area Sales today are for all cash. I have seen banks take less for cash and then again I have seen others take the highest price. The inspection contingencies also have a big influence on banks. Same with time. But $$$$$ is the main deciding factor. When looking at properties forget the list price and research the fair market value.
Lee Ginsburg
Prudential
650-358--3959 - Sun Sep 13 2009, 22:35