Be patient and hopefully it will come together.
Thanks, Todd Norsted
The bank may be holding most of the cards, but remember "The Golden Rule": He who has the gold, rules. You've got the gold; you've got the money to buy. You may be at a disadvantage, but you're by no means powerless.
The bank is in the driver's seat. Verbial is not binding. It must be in writing and signed by all parties. The best you can do is counter an hope they accept. If they don't and the home is worth 148K and you like it go for it. 6% interest equates to $35.97 a month more in payment not earth shattring but unfair under the circumstances.
All real estate transactions must be in writing. Until you have a written contract you don't have a deal. You can say no to their counter offer or try to meet in the middle. There are a lot of town houses for sale, if you don't think it's not worth $148,000 or you think you're being treated unfairly keep looking. With foreclosures the banks do seem to make the rules as they go.
Michael Doyle Realtor