You never know what the banks are thinking. Some banks immediately sent out a multiple offer form and asked for highest and best offer. There are some banks that will counter a few different people and I absolutely hate that!

Sometimes I feel that since you countered the banks offer...that was the "multiple offer" and thats when the sent that highest and best form. You were smart to stay at the same price. I hope you got it!!

Okay, the bank drops the price because the home failed to get offers in the first two weeks. When the price drops the listing agent receives multiple offers. At this point the listing agent responds to everyone disclosing that it is a multiple offer situation and asks for Highest and Best. The offers are grouped in three groups. Cash, Conventional, and FHA. The bank is interested in the Net Price. If an FHA offer is the highest then the bank will counter the Cash and Conventional offers to meet the highest price. Cash is King, because it offers a quick close without a Loan and Appraisal Contingency. My guess is that the bank didn't like any of the offers and countered for the highest and best to get closer to the desired sales price. You may have been the highest offer, but now you may have been outbid. If you put your best foot forward and you don't get the home there will be others. You should hear back from the listing agent within 3-5 Days after Highest and Best.