2. Stop trying to use logic when working on pseudo-governmental entitites....it simply doesn't apply in these cases.
3. You've apparently done all you can do in this case (assuming you properly signed the FNMA addenda), so sit back and be patient. It's now out of your control.
I really don't understand why your agent would have stated to you about getting an offer to the bank before the other buyer signs the counter, the bank gives the 1st buyer the option to accept or reject the counter, before they move forward to another buyer, and they tend to do first in, first out. It depends on where you fell in line of offers sent to listing agent.
Hope you received the opportunity to present your offer:)
I'm going to draw some conclusions here, but if i were given three days to repsond to a counter offer on a property I was really interested in, I'd have a response back ASAP whether we were to accept, counter back, or move on. It leads me to think that the terms just won't work out for this buyer, or it's an investor situation with less emotional attachment...at least that's what I'm hoping. Who knows? They could accept all terms at 4:59 p.m., but I'm watching the clock now.
I'm not certain that our offer will be the next up to the plate, but I feel confident that we've put forth our highest and best offer for this house, so if what we presented isn't the next best, it just wasn't meant to be.
Thanks for all the feedback! *Fingers crossed*
That sentence is so poorly written, so I'm trying to decipher if:
1) They are waiting on a single buyer to respond to a counter offer
2) They are considering multiple offers, including ours to make a decision
Remember, the first feedback we got was that the bank had sent a counter to their top offer and we're waiting for a reply, and that there were also several offers in the pool.
This is a HomeSteps house, so does anyone know if they consider offers one at a time, or if they look at the offer pool entirely? Any additional comments would be appreciated.
If they don't have a signed contract it's still in play in a way, that's why they allowed you to see it.
Submit your offer.
Typically when the banks sends a counter offer, they give the other party a day or two to decide.
Some will take it some wont. If they don't you want to be next in line.
This is not the time to bid cheap, especially if there are several offers. Bid to win.
How they progress always depends on the bank and the asset manager, probably no two work exactly the same way.
Bidding $25,000 over seems extreme though. Is that in line with comps? Will it appraise at that number? Just something to think about.
Good luck and best wishes.
You can view property all day long, that is under contract even, why would they stop you! What if their current bidder drops out...? Then they have nothing. You can always have your agent submit the offer, there's no harm in that but keep in mind, if they're already negotiating with another buyer, you would have to put your best foot forward and bring an offer that would get their attention to sway them, if at all.
You definitely have a shot but just know that you're not the only person looking for a deal in this marketplace. This is high season for buying and Austin is quickly becoming a seller's market.
If it doesn't work out and you need assistance feel free to contact me.
Keller Williams Realty