Unfortunately, the bank is going to do what the bank is going to do, when they want to do it. You, your agent and neither the listing agent have much (if any) power over the situation and there decision. One of the huge drawbacks to getting one of those "great bank deals," no doubt. If they want to accept more offers, they can, If they want to take one lower than your's, they can. If they want to scrap all of them and atart over without notifying anyone, they can. I've seen all of the above happen recently. It stinks, but it's true--just one of the pleasures of dealing w/ a corporate entity that really shouldn't be in the home selling market anyway. In the meantime I'd keep looking, and not lose out on any other possible opportunities. If the property is that hot, a cash offer very well may have been made which could trump all mortgage offers. Good luck!
Jay M. Jones, Realtor
Max Broock, Birmingham
We've seen REO's go significantly over asking price. Banks are listing low and selling high, creating an auction like situation now.
Nobody here can tell you with any certainty what is going on during this 10 day period. Have your agent ask the listing agent. If you did not put your best foot forward the first time, you can ask if you can amend your offer if you want to. Not sure if they will let you at this point though. There are very few set rules with bank owned homes.