Foreclosure in Salem>Question Details

Dani9671, Home Buyer in Salem, NH

Made an offer on REO home and they received 2 others. They asked for best and final from all. 3 days & no word. Can I go back and increase?

Asked by Dani9671, Salem, NH Sat Jan 14, 2012

offer? Made an offer on Tuesday. They received 3 offers in total. They asked for best and final Wednesday at noon. At end of day yesterday we heard offers were submitted but no word from bank. I really want this house! Can I go back and increase my offer again? I know they asked for best and final, but if they would still accept offers from anyone else why can't I go back and increase mine? I don't want to tick off the agent or bank and need some advise. Thanks!

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Answers

5
Best and FINAL means FINAL offer.

Banks take 3 to 5 business days, ie no weekends, to make decission.

As others have said contact your Realtor

Best of luck to you

Tom
0 votes Thank Flag Link Sat Apr 21, 2012
That is truely a question for the listing agent, if you are using a buyer broker they should ask for you. It also depends on who the bank is. On most of my bank owned listings i can get answers within 24 hours and some even the same day. if the seller is Freddie mac or Fannie Mae it can take 5-7 days. Good Luck
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Jan 15, 2012
Dan,

So when given the opportunity to submit your "highest and best" offer...you didn't? Likely the best source for accurate information relative to this would be through the bank's listing agent. They should know the status of the offers on the property and whether or not it's too late to increase yours.

If you were allowed to submit another offer, would it be unreasonable to make the same opportunity available to all other interested parties? In situations of this nature, the bank needs to draw a line and take a stance...normally, this is accomplished through requesting "final and best offers" not next to the final and best offers.

Have your agent be in touch with the listing agent ASAP......

Good luck,

Bill
0 votes Thank Flag Link Sun Jan 15, 2012
Hi Dan

I agree with Paul. Until the bank accepts an offer you should be able to go back to your agent and let him know you want to make a different offer. But in New Hampshire it is called a P&S (purchase and sales agreement).

Tracey Guy
Prudential Verani Realty
0 votes Thank Flag Link Sat Jan 14, 2012
Absolutely, Untill the seller has accepted you are entitled to raise your offer. Just submitt another H & B to the agent and say sorry you have come to your senses. Be quick though, timming is crutial.
0 votes Thank Flag Link Sat Jan 14, 2012
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